§ 1231. Definitions. 1. "Corporation" shall mean the housing trust
fund corporation established in section forty-five-a of this chapter.

2. "Rural and urban community investment fund program" shall mean
activities by an eligible applicant for a specific work or series of
works for the creation, preservation or improvement of affordable
housing, or the creation, preservation or improvement of the commercial,
retail or community facilities component of mixed use affordable
residential developments, in rural and urban areas of the state.

3. "Rural area of the state" shall mean cities, towns and villages
having a population of less than twenty-five thousand as determined by
the last federal decennial census.

4. "Urban area of the state" shall mean any unit of local government
within the state with a population of more than or equal to twenty-five
thousand persons as determined by the last federal decennial census.

5. "Eligible applicant" shall include a not-for-profit corporation or
charitable organization, or a wholly-owned subsidiary of such a
corporation or organization, or a private for-profit developer such as a
person, corporation, partnership or limited liability company.

6. "Affordable residential development" shall include residential
units that are rent restricted and occupied by persons and families
whose income does not exceed ninety percent of area median income for
the county in which a project is located as calculated by the United
States department of housing and urban development.