551. Definitions. As used in this article, the following terms shall mean and include:
1. "Cost of acquisition." In the case of a project purchased from an authority or municipality, the cost of acquisition shall include the purchase price, costs incidental to the transfer of title, and the estimated cost, if any, of necessary alterations and repairs to be performed within six months after transfer of title to the housing company. Such cost of acquisition shall, in the case of a limited dividend or state-aided limited-profit housing company, be determined and certified by the commissioner; in the case of a municipally-aided housing company, it shall be determined and certified by the supervising agency.
In the case of a project leased from a municipality or authority, the cost of acquisition shall be the value of the lease to the company, as determined and certified by the commissioner in the case of a limited dividend or state-aided limited-profit housing company, or by the supervising agency, in the case of a municipally-aided limited-profit housing company.
2. "Housing company." A limited dividend or limited profit housing company organized pursuant to the provisions of article four or article two of this chapter.
3. "Project." A specific work or improvement, including lands, buildings and improvements acquired, owned, constructed, managed or operated by an authority or a municipality to provide dwelling accommodations for persons of low income.
Last modified: February 3, 2019