Section 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.