(v) Private college, private university, private voluntary hospital. The term "private college" or "private university" means any non-profit educational institution of higher learning licensed by the State of New York, no part of the net earnings of which inures to the benefit of any private shareholder or individual. Furthermore, it must provide an educational program for which it awards a baccalaureate degree, or provides for not less than a two-year program which is acceptable for full credit toward such a degree, or is a graduate or professional school, and is accredited by a nationally recognized accrediting agency or association or, if not so accredited, is an institution whose credits are accepted, on transfer, by not less than three accredited institutions for credit on the same basis as if transferred from an institution so accredited. The term "private voluntary hospital" means any non-profit hospital licensed by the State of New York, no part of the net earnings of which inures to the benefit of any private shareholder or individual.
A private redevelopment corporation or a municipal or other public corporation, acting on behalf of such educational institution or hospital may be an eligible donor, provided, such eligible private redevelopment corporation is either:
(1) A non-profit organization which is wholly owned or controlled by one or more eligible educational institutions or hospitals or which has been constituted as an instrumentality of such institutions or hospitals; or(2) An organization which operates on behalf of an eligible educational institution or hospital on a non-profit basis found acceptable by the commissioner.