551 - Definitions.

§ 551. Definitions. As used in this article, the following terms shall  mean and include:    1.  "Cost of acquisition. " In the case of a project purchased from an  authority or municipality, the cost of  acquisition  shall  include  the  purchase  price,  costs  incidental  to  the  transfer of title, and the  estimated cost, if any, of  necessary  alterations  and  repairs  to  be  performed  within  six  months  after  transfer  of title to the housing  company. Such cost of acquisition  shall,  in  the  case  of  a  limited  dividend  or  state-aided  limited-profit housing company, be determined  and certified by the commissioner; in the case  of  a  municipally-aided  housing company, it shall be determined and certified by the supervising  agency.    In  the case of a project leased from a municipality or authority, the  cost of acquisition shall be the value of the lease to the  company,  as  determined  and  certified  by the commissioner in the case of a limited  dividend or  state-aided  limited-profit  housing  company,  or  by  the  supervising  agency,  in  the case of a municipally-aided limited-profit  housing company.    2. "Housing company." A limited dividend  or  limited  profit  housing  company  organized pursuant to the provisions of article four or article  two of this chapter.    3.  "Project."  A  specific  work  or  improvement,  including  lands,  buildings  and  improvements  acquired,  owned,  constructed, managed or  operated  by  an  authority  or  a  municipality  to  provide   dwelling  accommodations for persons of low income.