Section 401. Definitions

As used in this article the following terms shall
  mean:
    1. a. The term "existing multiple dwelling" shall  mean  any  dwelling
  classified  as a multiple dwelling pursuant to the multiple dwelling law
  including class A and class B multiple dwellings, and  in  existence  on
  the  date  upon which an application for a loan pursuant to this article
  is received by the agency.
    b. The term "existing multiple dwelling" shall also mean any  building
  in  existence  on the date upon which an application for a loan pursuant
  to this article is received by the agency and which is intended on  such
  date to be converted to a class A or class B multiple dwelling.
    c.   The   term   "existing  multiple  dwelling"  shall  also  mean  a
  not-for-profit institution with sleeping accommodations exclusively  for
  permanent  residential purposes or any building in existence on the date
  upon which an application  for  a  loan  pursuant  to  this  article  is
  received  by  the  agency  which  is  intended  to  be  converted  to  a
  not-for-profit institution with sleeping accommodations exclusively  for
  permanent residential purposes.
    2.  The  term  "agency"  shall  mean  any  officer, board, commission,
  department, or other agency of the municipality, or the authority or any
  other public authority, designated by  the  local  legislative  body  to
  carry  out  the  functions  vested  in  the agency under this article or
  delegated to the agency by the local legislative body in order to  carry
  out the purposes and provisions of this article.
    3. a. The term "persons or families of low income" shall mean "persons
  of  low income" or "families of low income" as defined in section two of
  this chapter, whose probable aggregate annual income during  the  period
  of  occupancy  does not exceed six times the rental (including the value
  or cost to them of heat, light, water  and  cooking  fuel)  of  dwelling
  units  occupied  by  such  persons  or  families  in  existing  multiple
  dwellings aided by a loan pursuant to this article, except that  in  the
  case  of  persons  or families with three or more dependents, such ratio
  shall not exceed seven to  one,  and  except  further  that  the  income
  limitations  prescribed  by  this  paragraph  shall  be  subject  to the
  provisions of subdivision two of section  four  hundred  three  of  this
  article.
    In  calculating  annual  income,  social  security payments and income
  received from private pension funds by any person sixty-two years of age
  or more shall be excluded up to a total maximum amount  of  seventy-five
  dollars per month. The term "probable aggregate annual income" means the
  annual  income  of  the  chief wage earner of the family, plus all other
  income of other members of the family over the age of twenty-one  years,
  plus  a proportion of income of gainfully employed members under the age
  of twenty-one years, the proportion to be determined by the agency.  The
  agency  may  exclude  a proportion of the income of other members of the
  family over the age of twenty-one years for the purpose  of  determining
  eligibility for commencement of occupancy or continued occupancy, or for
  establishing rental of such family, or for all such purposes.
    b.  Notwithstanding the provisions of paragraph a of this subdivision,
  and subject to the provisions  of  subdivision  three  of  section  four
  hundred  three  of  this  article  the  term "persons or families of low
  income" shall also mean any person or family who, immediately  prior  to
  the  date  on  which  a  contract for a loan with respect to an existing
  multiple dwelling is entered into pursuant to  the  provisions  of  this
  article,  occupies  any  dwelling unit in such multiple dwelling and who
  continuously occupies such unit during and after completion  of  central
  heating  or  other  rehabilitation  or improvement performed pursuant to
  such contract provided, however, that any person or family  required  to

  remove  from  any  such  dwelling  unit  because  of  such installation,
  rehabilitation or improvement shall, for the purpose of this section, be
  deemed to have continuously occupied such unit and shall have preference
  in  re-entering  such multiple dwelling upon completion of the aforesaid
  work.
    4. The term "occupancy date"  shall  mean  the  date  defined  in  the
  contract  for  a  loan  pursuant to this article between the owner of an
  existing multiple dwelling and a municipality as  the  date  upon  which
  such  multiple  dwelling is to be deemed ready for occupancy, or if such
  term is not defined in such  contract,  the  date  of  issuance  of  the
  temporary certificate of occupancy.
    5.  The term "rehabilitation", in addition to any other meaning, shall
  include conversion of a class B multiple dwelling or a class A  multiple
  dwelling used in whole or in part for single room occupancy to a class A
  multiple  dwelling  not  used  in  whole  or  in  part  for  single room
  occupancy. The term "rehabilitation" shall also include  the  conversion
  of any existing building to a class A or class B multiple dwelling.
    6.  The  term  "owner"  shall mean a person having record title in fee
  simple to real property or the lessee thereof under a  lease  having  an
  unexpired term of at least thirty years.