Section 51c.502 - [Effective until 10/1/2025] Definitions(a)Equipment means nonexpendable personal property as defined in 45 CFR 75.2 .(b)Existing building means a completed or substantially completed structure, and may include the realty on which it is or is to be located.(c)Modernization means the alteration, repair, remodeling and/or renovation of a building (including the initial equipment thereof and improvements to the building's site) which, when completed, will render the building suitable for use by the project for which the grant is made.43 FR 5352, Feb. 7, 1978, as amended at 81 FR 3007 , Jan. 20, 2016 As amended at 81 FR 3007 , 1/20/2016