[PARTIX.]  ASSISTING NOT-FOR-PROFIT PRIVATE ORGANIZATIONS,

FOR-PROFITPRIVATE ORGANIZATIONS, AND PUBLIC

INSTRUMENTALITIESAND THEIR QUALIFIED AFFILIATES IN

THEDEVELOPMENT OF LOW- AND MODERATE-INCOME HOUSING

 

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

"Department" means the department ofbudget and finance.

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

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

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

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

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

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

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

provided that if there is an insufficient number ofpersons or families who meet the income qualifying criteria, the developer ofthe housing project may make units available to households with higher incomesto 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- andmoderate-income housing.

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

"Project party" means an entity engagedin the development of a low- and moderate-income housing project, including anot-for-profit private organization, for-profit private organization, or publicinstrumentalities and their qualified affiliates.

"Qualified affiliate" means anot-for-profit private organization that assists a public instrumentality or afor-profit private organization that may be a corporation, partnership, limitedliability company, or trust in which each shareholder, partner, member, orbeneficiary assists a public instrumentality.

"Refinancing of outstandingobligations" or "refinancing" means the liquidation, theretirement, or the provision for retirement through the proceeds of bondsissued 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 projectparty not financed pursuant to this part; or the consolidation of suchindebtedness with indebtedness of the State related to the purpose for whichthe indebtedness of the project party was initially incurred.

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