§ 71. Definitions. The following terms, whenever used or referred to
in this act, shall be construed as follows:

1. The term "housing company" means a limited-dividend housing
corporation, a partnership (general or limited) or a trust organized
pursuant to this article.

2. The term "project" means a specific work or improvement undertaken
by a housing company, which shall include lands, buildings and
improvements acquired or constructed to provide dwelling accommodations
within the rental limitations prescribed by this article, and such
stores, offices, social, recreational, communal or other non-housing
facilities as may be deemed by the commissioner to be incidental or
appurtenant to a project.

3. The term "mutual" when applied to a housing company shall mean a
housing company which is a corporation operated exclusively for the
benefit of the persons or families who are entitled to occupancy in a
project of such housing company by reason of ownership of shares in such
housing company.

4. The term "local and municipal taxes" means taxes levied by a
county, city, village, town, school and special district but shall not
include assessments for local improvements.

5. The term "state urban development corporation project" means a
project of a limited-dividend housing company which is a subsidiary of
the New York state urban development corporation, as the term
"subsidiary" is defined in the New York state urban development
corporation act.

6. The term "capital" means, in the case of a corporation, its capital
shares issued and outstanding; in the case of a partnership, the
aggregate value of the money and property contributed by the partners
for the purpose of carrying on the business of the partnership, so far
as such is credited to the partners on capital account; and in the case
of a trust, the aggregate value of the money or property subject to the
trust.