D.  Taxable
Mortgage Securities Programs



 



[§201H-141]  Definitions.  Whenever used
in 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 a
resident 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 does
not if the person is married, own a majority interest in any residential
property in the State; and



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



(2)  A qualified sponsor of an affordable housing
project who meets the qualification requirements as established by rules
adopted by the corporation.



"Eligible loan" or "loan"
means:



(1)  A loan to an eligible borrower for the purchase
of a dwelling unit, including a condominium unit; provided that the property
financed is located in the State, will be occupied as the principal place of
residence by the eligible borrower, and meets other requirements as established
by rules adopted by the corporation; or



(2)  An interim or permanent loan, which may be
federally insured or guaranteed, made to a qualified sponsor for the financing
of an affordable housing project, and which meets other requirements as
established by rules adopted by the corporation.



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