§ 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.