[PART
IX.]  ASSISTING NOT-FOR-PROFIT PRIVATE ORGANIZATIONS,



FOR-PROFIT
PRIVATE ORGANIZATIONS, AND PUBLIC



INSTRUMENTALITIES
AND THEIR QUALIFIED AFFILIATES IN



THE
DEVELOPMENT OF LOW- AND MODERATE-INCOME HOUSING



 



[§39A-281]  Definitions.  Whenever used
in this part, unless a different meaning clearly appears from the context:



"Department" means the department of
budget and finance.



"Low- and moderate-income housing
project" means any housing project where:



(1)  All project units are offered for rent, of which
at least:



(A)  Twenty per cent of the units are rented to
households with an income of up to fifty per cent of the area median income as
determined by the United States Department of Housing and Urban Development;



(B)  Forty per cent of the housing units in the
project are rented to households with an income of up to eighty per cent of the
area median income as determined by the United States Department of Housing and
Urban Development; or



(C)  Sixty per cent of the housing units in the
project are rented to households with an income of up to one hundred forty per
cent of the area median income as determined by the United States Department of
Housing and Urban Development;



(2)  All project units are offered for sale through
the conveyance of individual units by deed or share, of which at least fifty
per cent of the units are sold to households with an income of up to one
hundred forty per cent of the area median income as determined by the United
States Department of Housing and Urban Development; or



(3)  The project qualifies for federal tax exempt
status pursuant to 26 U.S.C. §142(a)(7) and (d);



provided that if there is an insufficient number of
persons or families who meet the income qualifying criteria, the developer of
the housing project may make units available to households with higher incomes
to ensure full occupancy of the housing project.



"Project" means the acquisition,
purchase, design, development, construction, reconstruction, rehabilitation,
improvement, betterment, extension, financing, or refinancing of low- and
moderate-income housing.



"Project agreement" means any
agreement entered into under this part by the department with a project party
providing for the issuance of special purpose revenue bonds to finance the
development of low- and moderate-income housing, or to loan the proceeds of the
special purpose revenue bonds to assist a project party in the development of
low- and moderate-income housing, including without limitation any loan
agreement.



"Project party" means an entity engaged
in the development of a low- and moderate-income housing project, including a
not-for-profit private organization, for-profit private organization, or public
instrumentalities and their qualified affiliates.



"Qualified affiliate" means a
not-for-profit private organization that assists a public instrumentality or a
for-profit private organization that may be a corporation, partnership, limited
liability company, or trust in which each shareholder, partner, member, or
beneficiary assists a public instrumentality.



"Refinancing of outstanding
obligations" or "refinancing" means the liquidation, the
retirement, or the provision for retirement through the proceeds of bonds
issued by the State of any indebtedness of a project party incurred to finance,
in whole or in part, a low- and moderate-income housing project of the project
party not financed pursuant to this part; or the consolidation of such
indebtedness with indebtedness of the State related to the purpose for which
the indebtedness of the project party was initially incurred.



"Special purpose revenue bonds" or
"bonds" means bonds, notes, or other evidence of indebtedness of the
State issued pursuant to this part. [L 2006, c 102, pt of §2]