Section 2. Definitions

The following terms, whenever used or referred to in
  this  chapter,  shall  have  the  following  meaning, unless a different
  meaning clearly appears from the context, or unless specifically defined
  in any of the articles of this chapter:
    1. "Area". A  section  of  a  municipality  which  is  substandard  or
  insanitary.  The term "substandard or insanitary area" shall mean and be
  interchangeable with a slum,  blighted,  deteriorated  or  deteriorating
  area,  whether  residential, non-residential, commercial, industrial, or
  vacant, or any combination thereof and may include land and buildings or
  improvements not in themselves insanitary or substandard, the  inclusion
  of which is necessary to effectuate a plan.
    2. "Assessed valuation." The value of any parcel of real property with
  respect  to  any  local  tax  thereon,  including  therein buildings and
  improvements as well as land, as assessed by  the  respective  official,
  bureau,  board, commission or agency charged with assessing the same for
  such local tax.
    3. "Authority." A public corporation as defined in subdivision two  of
  section three of the public housing law.
    4. "Banking institution." Any corporation, association or organization
  organized  under the banking laws of New York state or the United States
  which is authorized to transact business in this state.
    5. "City." A city in the state.
    6. "Commissioner." The commissioner of housing of  the  state  of  New
  York.
    7. "Comptroller." The comptroller of the state of New York.
    8.  "Condemnation."  The  acquisition  of  real property in the manner
  provided by any general, special or local law or city  charter  for  the
  acquisition  of real property by the municipality in which such property
  is to be taken.
    8-a. "Federal government." The government  of  the  United  States  of
  America or any agency or instrumentality thereof.
    9.   "Foundation."   Any   organization,  association  or  corporation
  organized for charitable purposes which shall  have  received  exemption
  from  federal  taxation  by  virtue  of  its  eleemosynary, religious or
  educational functions.
    9-a. "Home owners purchase note." A  promissory  note  accepted  by  a
  mutual company, mutual housing company, mutual redevelopment company, or
  housing  development  fund  company  which  is organized pursuant to the
  business  corporation  law  and  article  eleven  of  this  chapter,  as
  consideration for the issuance of shares entitling a person or family to
  occupancy  of  an  apartment in a project of such mutual company, mutual
  housing company, mutual redevelopment company,  or  housing  development
  fund company, as the case may be, payable over or within a period of ten
  years.
    10.  "Insurance company." Any insurance company authorized to transact
  business in this state.
    11. "Labor union." Any organization organized under the  laws  of  the
  state  of  New York and which exists and is constituted for the purpose,
  in whole or in part,  of  collective  bargaining,  or  of  dealing  with
  employers concerning grievances, terms or conditions of employment or of
  other mutual aid or protection for its members.
    12. "Local legislative body". In a city, the board of aldermen, common
  council, commission, or other board or body now or hereafter vested with
  jurisdiction  to enact ordinances or local laws, except that if there be
  in a city of one million population or more, a board  of  estimate,  the
  term  shall mean only such board of estimate; in a town, the town board;
  in a village,  the  board  of  trustees;  in  a  county,  the  board  of
  supervisors.

    13.  "Mortgage."  A mortgage, trust indenture, deed of trust, building
  and loan contract or other instrument creating a lien on real  property,
  and the indebtedness secured by each of them.
    14.  "Multiple dwelling." An existing building, accommodating three or
  more families living independently of each other.
    14-a.  "Mutual  company,"  "mutual   housing   company"   or   "mutual
  redevelopment  company".  A  limited  profit or limited dividend housing
  company incorporated pursuant to the provisions of  this  chapter  or  a
  redevelopment  company  incorporated  pursuant to the provisions of this
  chapter, and operated exclusively for the  benefit  of  the  persons  or
  families  who  are  entitled  to occupancy in a project of such company,
  housing company or redevelopment company, as the case may be, by  reason
  of ownership of shares therein.
    15.  "Supervising  agency." The comptroller in a municipality having a
  comptroller; in a municipality having no comptroller, the  chief  fiscal
  officer  of  such  municipality;  except that in the city of New York it
  shall be the department of housing preservation and development.
    16. "Municipal corporation,"  and  "municipality".  A  city,  town  or
  village,  or  a county having a county department of assessment with the
  power to assess real property; the term "municipal" shall be  deemed  to
  relate  to  a  city,  town  or  village,  or to a county having a county
  department of assessment with the power to assess real property.
    17. "Municipally-aided project."  A  limited  profit  housing  company
  project, other than a state urban development corporation project, which
  is  aided  by  a  municipal  mortgage  loan, a loan by the New York city
  housing development corporation or tax exemption  or  both  and  is  not
  aided  by  any  state mortgage loan or any mortgage loan made by the New
  York state housing finance agency or  any  mortgage  loan  made  by  the
  Battery  Park city authority or any mortgage loan insured by the federal
  government made for the purpose of refinancing  a  mortgage  loan  other
  than  a  municipal mortgage loan or a mortgage loan made by the New York
  city housing development corporation.
    18. "Neighborhood unit." A primarily residential district  having  the
  facilities  necessary  for  well-rounded family living, such as schools,
  parks, playgrounds, parking areas and local shopping districts.
    19. "Persons of low income" and "families of low income."  Persons  or
  families  who  are in the low income groups and who cannot afford to pay
  enough to cause private enterprise in  their  municipality  to  build  a
  sufficient supply of adequate, safe and sanitary dwellings.
    20.  "Plan."  A  plan or undertaking for the clearance, replanning and
  reconstruction or rehabilitation of a substandard and insanitary area or
  areas  and  for  recreational  and  other   facilities   incidental   or
  appurtenant  thereto  to  effectuate the purposes of article eighteen of
  the constitution.
    21. "Planning commission." Any agency of a municipality authorized  to
  prepare,  adopt  or  amend  the  map of the municipality or empowered to
  prepare, adopt and from time to time modify a  comprehensive  or  master
  plan  of  the  municipality,  if  there be one, or if there be none, the
  local legislative body of the municipality.
    22. "Project." A specific work or improvement to effectuate all or any
  part of a  plan.  The  term  shall  include  the  lands,  buildings  and
  improvements   acquired,   owned,   constructed,   managed  or  operated
  hereunder, to provide dwelling accommodations for persons of low income,
  and such stores, offices and other non-housing  facilities  as  well  as
  social,  recreational  or  communal  facilities, as may be deemed by the
  authority or municipality to be incidental or appurtenant to a  project.
  Subject  to  the provisions of article eighteen of the constitution with
  respect to state projects, such dwelling accommodations may be  provided

  in  any  section  of  the  municipality, whether or not such section has
  insanitary or substandard housing conditions.
    22-a.   "State  urban  development  corporation  project".  A  project
  acquired, owned, constructed, managed or operated by a company organized
  pursuant to articles two, four or eleven of  this  chapter  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.
    22-b.   "Battery  Park  city  project."  A  project  acquired,  owned,
  constructed, managed or operated by  a  company  organized  pursuant  to
  article  two, article four or article eleven of this chapter and located
  within the Battery Park project area, as defined  in  the  battery  park
  city authority act.
    23.  "Project cost." The cost of any or all undertakings necessary for
  planning,  financing  (including  payment  of  carrying  charges),  land
  acquisition,  demolition,  construction, equipment, and site development
  of new buildings,  reconstruction,  repair  or  remodeling  of  existing
  buildings, but not beyond the point of physical completion; and the cost
  of tenant placement service in connection with a project.
    24.  "Real  property"  or  "property."  Lands and improvements and any
  fixtures, equipment and article of personal property affixed to or  used
  in  connection  therewith,  lands  under water, waterfront property, the
  water of any lake, pond or stream, and any and all easements, franchises
  and hereditaments, corporeal or incorporeal, and every estate,  interest
  and  right  therein,  legal and equitable, in lands or water, and right,
  interest, privilege,  easement  and  franchise  relating  to  the  same,
  including  terms  for  years  and  liens by way of judgment, mortgage or
  otherwise.
    25. "State." The state of New York.
    26. "State-aided project". Any project other than a  municipally-aided
  limited  profit housing company project, a redevelopment company project
  or a redevelopment corporation project.
    27. "Total carrying charges". All charges paid to the housing  company
  by  a person or family living in a project under a lease for ninety-nine
  years renewal, or in perpetuity, or by reason of ownership of  stock  in
  such  company.  The word "rental" shall mean and be interchangeable with
  "total carrying charges" when used in connection with a mutual company.
    28. "Veterans' organization." Any organization  of  persons  who  have
  served in the armed forces of the United States during time of war which
  has  been  duly  chartered as a veterans' organization under the laws of
  the United States or of the state of New York.
    29. "Annual income" or "income". The total income as reported  in  the
  New  York  state  income  tax  return, less such personal exemptions and
  deductions for medical expenses as are actually taken by  the  taxpayer.
  Provided,  however,  that  federal  old  age,  survivors, and disability
  insurance benefits shall not be deemed income in articles two, four  and
  eleven  of  this  chapter. This definition shall be employed in articles
  two, four, eight and eleven  of  this  chapter  in  the  computation  of
  "probable aggregate annual income" as therein defined.