D.  TaxableMortgage Securities Programs

 

[§201H-141]  Definitions.  Whenever usedin this subpart, unless the context otherwise requires:

"Eligible borrower" means:

(1)  Any person or family, without regard to race,creed, national origin, or sex, who:

(A)  Is a citizen of the United States or aresident alien;

(B)  Is a bona fide resident of the State;

(C)  Is at least eighteen years of age;

(D)  Does not personally, or whose spouse doesnot if the person is married, own a majority interest in any residentialproperty in the State; and

(E)  Meets other qualifications as establishedby rules adopted by the corporation; or

(2)  A qualified sponsor of an affordable housingproject who meets the qualification requirements as established by rulesadopted by the corporation.

"Eligible loan" or "loan"means:

(1)  A loan to an eligible borrower for the purchaseof a dwelling unit, including a condominium unit; provided that the propertyfinanced is located in the State, will be occupied as the principal place ofresidence by the eligible borrower, and meets other requirements as establishedby rules adopted by the corporation; or

(2)  An interim or permanent loan, which may befederally insured or guaranteed, made to a qualified sponsor for the financingof an affordable housing project, and which meets other requirements asestablished by rules adopted by the corporation.

"Housing loan programs" include allor any part of the loan programs authorized in section 201H-142. [L 2006, c180, pt of §4]