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



"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 of
buildings or other structures; or any combination of the foregoing, of any
housing 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 financial
responsibility to construct housing of the type proposed to be contracted; and



(2)  To have submitted the lowest acceptable bid.



"Eligible developer" means any
person, partnership, cooperative including limited-equity housing cooperatives
as defined in chapter 421H, firm, nonprofit or for-profit entity, or public
agency determined by the corporation:



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



(2)  To have submitted plans for a housing project
adequately meeting the objectives of this chapter, the maintenance of aesthetic
values in the locale of the project, and the requirements of all applicable
environmental statutes and rules; and



(3)  To meet all other requirements the corporation
deems to be just and reasonable, and all requirements stipulated in this
chapter.



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



"Qualified resident" means a person
who:



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



(2)  Is at least eighteen years of age;



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



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



(5)  Meets the following qualifications:



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



(B)  Is a person whose spouse or household
member does not own a majority interest in fee simple or leasehold lands
suitable for dwelling purposes or more than a majority interest in lands under
any trust agreement or other fiduciary arrangement in which another person
holds the legal title to the land, except when husband and wife are living
apart under a decree of separation from bed and board issued by the family
court pursuant to section 580-71;



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



"Short-term project notes" means
evidences of indebtedness issued by the State for specified housing projects
and secured by the projects, the terms of which call for complete repayment by
the State of the face amount in not less than two nor more than ten years. [L
2006, c 180, pt of §3]