§ 801. Definitions. As used in this article the following terms shall
have the following meanings unless a different meaning clearly appears
from the context:

1. "Agency" shall mean the office or agency of a municipality
authorized to administer the expenditure of grants from the United
States of America to assist community development activities and
programs for the construction, rehabilitation or conservation of
multiple dwellings and housing accommodations or for the conversion of
under-utilized non-residential property into multiple dwellings or, in
the absence of such an office or agency, the comptroller or chief fiscal
officer of such municipality; except that in the city of New York it
shall be the department of housing preservation and development or any
successor thereto and shall include, except for purposes of section
eight hundred four of this article, the New York city housing
development corporation with respect to any participation in a loan by
such corporation pursuant to section eight hundred five of this article.

1-a. "Construction" shall mean the construction of new multiple
dwellings upon vacant land.

2. "Conversion" shall mean the conversion of under-utilized
non-residential property into a multiple dwelling.

3. "Federal grant funds" shall mean any grants received from the
United States of America for community development activities or for the
construction, rehabilitation or conservation of multiple dwellings or
for the conversion of under-utilized non-residential property into
multiple dwellings.

4. "Non-residential property" shall mean any property which is not a
multiple dwelling, and which is intended to be converted into a multiple
dwelling, and which is under-utilized for commercial, industrial or
other non-residential purposes.

5. "Owner" shall mean an individual, partnership, corporation or other
entity, including a non-profit company, a mutual company, or a housing
development fund company, which holds record or beneficial title in fee
simple to the existing multiple dwelling to be rehabilitated or the
non-residential property to be converted into a multiple dwelling and
the real property upon which it is situate or to vacant land upon which
the new multiple dwelling is to be constructed, or is the lessee of any
such real property having an unexpired term of at least thirty years.

5-a. "Participation loan" and the municipality's "participation" in,
"portion" of, or "investment" in a loan, or words of similar meaning,
shall mean any loan or grant made by the municipality or the New York
city housing development corporation pursuant to this article either
with or without a private investor, provided, however, that provisions
of this article concerning the repayment or forgiveness of, or security
for, a loan shall not apply to any grant made pursuant to this article.

6. "Private investor" shall mean one or more banking organizations,
foundations, labor unions, credit unions, employers' associations,
veterans' organizations, colleges, universities, educational
institutions, child care institutions, hospitals, medical research
institutes, insurance companies, trustees or fiduciaries, trustees of
pension and retirement funds and systems, corporations, partnerships,
individuals or other entities or any combination of the foregoing, and
shall include the United States of America and the state of New York and
any agency, office or public benefit corporation thereof. As used in
this subdivision, the terms "trustees" and "fiduciaries" shall include
any fiduciary or fiduciaries holding funds for investment, and the term
"banking organizations" shall have the same meaning as in subdivision
eleven of section two of the banking law.

7. "Rehabilitation" shall mean the installation, replacement or repair
of heating, plumbing, electrical and related systems, or elimination of
conditions dangerous to human life or detrimental to health, including
nuisances as defined in section three hundred nine of the multiple
dwelling law, or other rehabilitation or improvement of existing
multiple dwellings.

8. "Value" shall mean the "as is" value of the existing multiple
dwelling, or in the case of non-residential property to be converted
into a multiple dwelling, the "as is" value of such non-residential
property, and the land upon which it is situate prior to rehabilitation
or conversion or, in the case of the construction of a new multiple
dwelling, the "as is" value of the vacant land prior to such
construction plus the total of all costs of such rehabilitation,
conversion or construction, including, but not limited to, the costs of
any or all undertakings necessary for the planning, financing, tenant
relocation, acquisition, satisfaction of tax liens and other municipal
liens and encumbrances, construction, equipment and development in
connection therewith.

9. "State grant funds" shall mean any grants received from the state
or any public benefit corporation for community development activities
for the construction, rehabilitation or conservation of multiple
dwellings.