§ 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.