Terms Used In New York Laws > Private Housing Finance > Article 29

• Contract: A legal written agreement that becomes binding when signed.
• Corporation: shall mean the housing trust fund corporation established in section forty-five-a of this chapter. See N.Y. Private Housing Finance Law 1261
• Eligible applicant: shall mean a unit of local government or not-for-profit corporation in existence for a period of one or more years prior to application, which is, or will be at the time of award, incorporated under the not-for-profit corporation law and has been engaged primarily in housing and community development activities. See N.Y. Private Housing Finance Law 1261
• Eligible property: shall mean a housing unit that is the primary residence of a person that is sixty years of age or older and have a household income that does not exceed one hundred percent of the area median income. See N.Y. Private Housing Finance Law 1261
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Statute: A law passed by a legislature.