B.  Housing
Loan and Mortgage Program



 



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



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



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



(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 if
the person is married, own any interest in a principal residence within or
without the State and who has not owned a principal residence within the three
years immediately prior to the application for an eligible loan under this
subpart, except this requirement shall not apply to any eligible loan for a
targeted area residence as defined in the Mortgage Subsidy Bond Tax Act of
1980, Public Law 96-499, which residence is to replace a housing unit that has
been declared structurally unsalvageable by a governmental board or agency
having the power to make the declaration; and provided further that this
requirement shall not apply to up to ten per cent of eligible loans of a bond
issue made to single parent household borrowers.  No loans, however, shall be
made if they adversely affect the tax-exempt status of the bonds issued.  For
the purpose of this section, "single parent household" means a
household headed by a single person who has legal custody of one or more
dependent children;



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



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



"Eligible improvement" means
alterations, repairs, or improvements to an existing dwelling unit that
substantially protect or improve the basic livability of the unit.



"Eligible improvement loan" means a
loan 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, except
that the requirements of paragraph (4) of the definition of "eligible
borrower" shall not apply, the unit to be financed is located in the
State, the unit will be occupied as the principal place of residence of the
borrower, and meets other requirements as established by rules adopted by the
corporation.



"Eligible loan" means a loan to an
eligible borrower for the permanent financing 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.



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



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



"Qualified sponsor" means any person
or entity determined by the corporation:



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



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