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.
Last modified: February 3, 2019