B.  HousingLoan and Mortgage Program

 

[§201H-91]  Definitions.  The followingwords or terms as used in this subpart shall have the following meanings unlessa different meaning clearly appears from the context:

"Eligible borrower" means a person orfamily, without regard to race, creed, national origin, or sex, who:

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

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

(3)  Is at least eighteen years of age;

(4)  Does not personally, or whose spouse does not ifthe person is married, own any interest in a principal residence within orwithout the State and who has not owned a principal residence within the threeyears immediately prior to the application for an eligible loan under thissubpart, except this requirement shall not apply to any eligible loan for atargeted area residence as defined in the Mortgage Subsidy Bond Tax Act of1980, Public Law 96-499, which residence is to replace a housing unit that hasbeen declared structurally unsalvageable by a governmental board or agencyhaving the power to make the declaration; and provided further that thisrequirement shall not apply to up to ten per cent of eligible loans of a bondissue made to single parent household borrowers.  No loans, however, shall bemade if they adversely affect the tax-exempt status of the bonds issued.  Forthe purpose of this section, "single parent household" means ahousehold headed by a single person who has legal custody of one or moredependent children;

(5)  Has never before obtained a loan under this part;and

(6)  Meets other qualifications as established byrules adopted by the corporation.

"Eligible improvement" meansalterations, repairs, or improvements to an existing dwelling unit thatsubstantially protect or improve the basic livability of the unit.

"Eligible improvement loan" means aloan to finance an eligible improvement to the owner of the dwelling unit,which may be a condominium unit, where the eligible improvement is to be made;provided that the owner meets the requirements of an eligible borrower, exceptthat the requirements of paragraph (4) of the definition of "eligibleborrower" shall not apply, the unit to be financed is located in theState, the unit will be occupied as the principal place of residence of theborrower, and meets other requirements as established by rules adopted by thecorporation.

"Eligible loan" means a loan to aneligible borrower for the permanent financing of a dwelling unit, including acondominium 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 thecorporation.

"Eligible project loan" means aninterim or permanent loan, which may be federally insured or guaranteed, madeto a qualified sponsor for the financing of a rental housing project, and whichmeets other requirements as established by rules adopted by the corporation.

"Housing loan programs" includes allor any part of the loans to lenders program, the purchase of existing loansprogram, the advance commitments program, and the loan funding programsauthorized under this subpart.

"Qualified sponsor" means any personor entity determined by the corporation:

(1)  To be qualified by experience, financialresponsibility, and support to construct a housing project of the type andmagnitude described;

(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 other qualifications as established byrules adopted by the corporation pursuant to chapter 91. [L 2006, c 180, pt of§4]