N.Y. Comp. Codes R. & Regs. tit. 9 § 1930.2

Current through Register Vol. 46, No. 51, December 18, 2024

Section 1930.2 - Definitions

(a) Corporation means the Housing Trust Fund Corporation.

(b) Eligible applicant or applicant means a not-for-profit corporation which has experience related to the acquisition, rehabilitation, improvement, or management of other housing projects, or can obtain the experience necessary to undertake the project.

(c) Eligible project costs include site acquisition, development costs, organizational costs, funds for reserves and working capital.

(d) Income or annual income means the adjusted gross income as reported in the New York State income tax return, or would be reported if such return were required.

(e) Person of lower income means an individual whose annual income does not exceed 80 percent of the median annual income for all the residents of the metropolitan statistical area where the project is located.

(f) Program means the Special Needs Housing Program.

(g) Principal means any individual who has a 10 percent interest or more in, or is an officer of or is a paid or voting director of, an eligible applicant.

(h) Regulatory agreement means the document executed by the eligible applicant which incorporates the statute and these regulations.

(i) Reserve fund means a fund or funds to be used in accordance with guidelines established by the corporation for on-going operation and maintenance costs and replacement costs.

(j) Single room housing project or project or projectmeans a specific work or improvement undertaken by the applicant, including lands, buildings and improvements acquired, owned, rehabilitated, or operated by an applicant to provide single room housing accommodations to persons of lower income.

(k) Single room occupancy or SRO means a dwelling unit which contains no kitchen or food preparation area, but may contain a bathroom, and which is suitable for occupancy by no more than two individuals.

(l) Special population means a population with needs exceeding the provision of shelter and requiring supportive services such as counseling, meals, personal assistance or similar services provided either on-site, or off-site under contract with a local service provider.

(m) Statute shall mean the Special Needs Housing Act of 1988, chapter 261 of the Laws of 1988, as amended.

(n) Working capital means expenses including, but not limited to, liability insurance, fidelity bond premiums, utility hook-up deposits, maintenance equipment, movable furnishings and equipment and other initial project-related expenses as approved by the corporation.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1930.2