Section 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 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.
    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 any of its agencies
  acting as a lender under the loan  program  pursuant  to  section  three
  hundred twelve of the housing act of nineteen hundred sixty-four and any
  amendments  thereto or any similar program. 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.