[§201H-32]  Definitions.  The followingterms, wherever used or referred to in this part, shall have the followingrespective meanings unless a different meaning clearly appears from thecontext:

"Develop" or "development"means the planning, financing and acquisition of real and personal property;demolition of existing structures and clearance of real property; construction,reconstruction, alteration, or repairing of approaches, streets, sidewalks,utilities, and services, or other site improvements; construction,reconstruction, repair, remodeling, extension, equipment, or furnishing ofbuildings or other structures; or any combination of the foregoing, of anyhousing project.  It also includes any and all undertakings necessary therefor,and the acquisition of any housing, in whole or in part.

"Eligible bidder" means a person,partnership, firm, or corporate entity determined by the corporation:

(1)  To be qualified by experience and financialresponsibility to construct housing of the type proposed to be contracted; and

(2)  To have submitted the lowest acceptable bid.

"Eligible developer" means anyperson, partnership, cooperative including limited-equity housing cooperativesas defined in chapter 421H, firm, nonprofit or for-profit entity, or publicagency determined by the corporation:

(1)  To be qualified by experience, financialresponsibility, and support to construct housing of the type described and ofthe magnitude encompassed by the given project;

(2)  To have submitted plans for a housing projectadequately meeting the objectives of this chapter, the maintenance of aestheticvalues in the locale of the project, and the requirements of all applicableenvironmental statutes and rules; and

(3)  To meet all other requirements the corporationdeems to be just and reasonable, and all requirements stipulated in thischapter.

"Purchaser's equity" means thedifference between the original cost of the dwelling unit to the purchaser, andthe principal amount of any mortgages, liens, or notes outstanding.

"Qualified resident" means a personwho:

(1)  Is a citizen of the United States or a residentalien;

(2)  Is at least eighteen years of age;

(3)  Is domiciled in the State and physically residesin the dwelling unit purchased or rented under this chapter;

(4)  In the case of the purchase of real property infee simple or leasehold, has a gross income sufficient to qualify for the loanto finance the purchase; or in the case of a rental, demonstrates an ability topay rent as determined by the corporation and meets any additional criteriaestablished by the corporation for the respective rental housing developmentfor which the applicant is applying; and

(5)  Meets the following qualifications:

(A)  Is a person who either by the person'sself, or together with spouse or household member, does not own a majorityinterest in fee simple or leasehold lands suitable for dwelling purposes or amajority interest in lands under any trust agreement or other fiduciaryarrangement in which another person holds the legal title to the land; and

(B)  Is a person whose spouse or householdmember does not own a majority interest in fee simple or leasehold landssuitable for dwelling purposes or more than a majority interest in lands underany trust agreement or other fiduciary arrangement in which another personholds the legal title to the land, except when husband and wife are livingapart under a decree of separation from bed and board issued by the familycourt pursuant to section 580-71;

provided that for purchasers of market-priced unitsin an economically integrated housing project, the term "qualifiedresident" means a person who is a citizen of the United States or aresident alien; is domiciled in the State and shall physically reside in thedwelling unit purchased; is at least eighteen years of age; and meets otherqualifications as determined by the developer.

"Short-term project notes" meansevidences of indebtedness issued by the State for specified housing projectsand secured by the projects, the terms of which call for complete repayment bythe State of the face amount in not less than two nor more than ten years. [L2006, c 180, pt of §3]