(a) All definitions set forth in 9 NYCRR section 1900.3(a) shall be applicable to this Part unless otherwise defined herein.

1. (1) Demolition shall be the complete removal of the structure(s);

2. (2) Eligible applicant shall be:

   1. (i) a housing development fund company incorporated pursuant to Article XI of the Private Housing Finance Law;
   2. (ii) a not-for-profit corporation or a charitable organization, which has as one of its primary purposes the improvement or provision of housing for persons of low income (or a wholly owned subsidiary of such corporation or organization);
   3. (iii) a municipality;
   4. (iv) a municipal housing authority; or
   5. (v) a person, firm, partnership or corporation which has agreed to limit profits or the rate of return of investors in accordance with a formula established by the Corporation.

3. (3) Eligible owner shall be:

   1. (i) a housing development fund company incorporated pursuant to Article XI of the Private Housing Finance Law;
   2. (ii) a not-for-profit corporation or charitable organization, which has as one of its primary purposes the improvement or provision of housing for persons of low income (or a wholly owned subsidiary of such a corporation or organization);
   3. (iii) a municipality;
   4. (iv) a municipal housing authority; or
   5. (v) a partnership of which at least fifty percent of the controlling interest is held by a corporation or organization as defined in subparagraph (ii) of this paragraph and which has agreed to limit profits or the rate of return of investors in accordance with a formula established or approved by the Corporation.

4. (4) Project shall be:

   1. (i) a vacant property converted or rehabilitated to residential rental use;
   2. (ii) a newly constructed rental property; or
   3. (iii) an existing state-aided public housing project where more than 30 percent of its units are vacant.
5. (5) Reserve fund shall be 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.
6. (6) Total project costs shall be the sum of all project costs from all funds, including site acquisition, development costs, staff costs, reserve costs and working capital.
7. (7) Turnkey project costs shall be those costs for which grants and loans made under the act may be used.
8. (8) Vacant property shall be an existing structure which is not occupied.
9. (9) Working capital fund shall be a fund to be used for start-up 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. Said approval shall be based on the demonstrated financial needs of the project.

(b)