§ 42-11.2-3 Definitions. – Terms used in this chapter shall be defined as follows, unless another meaningis expressed or clearly apparent from the language or context:
(1) "Eligible owner" means any of the following entities,provided that it shall have the legal right to lease or sub-lease existing,newly constructed, or substantially rehabilitated dwelling units.
(2) "Fair market rent" means the fair rental amount for adwelling unit, as established by the executive department pursuant to §42-11.2-9.
(i) A mutual housing association, a nonprofit housingdevelopment corporation, a limited equity housing cooperative, a limitedpartnership in which a nonprofit housing development corporation is the generalpartner, or a limited partnership in which a corporation wholly owned by anonprofit housing development corporation is the general partner.
(ii) Any other person or entity the department elects tocontract with.
(3) "Housing costs" means an amount equal to the fair marketrent for an assisted unit, plus a utility allowance for that unit as determinedby the executive department.
(4) "Limited equity housing cooperative" means a cooperativehousing association or corporation organized and operated primarily for thebenefit of low and moderate income persons, and whose equity, after allowancefor maximum transfer value of its stock, is permanently dedicated to providinghousing to persons of low or moderate income or to a charitable purpose.
(5) "Low-income family" means an individual or family whosetotal income does not exceed sixty percent (60%) of the median family incomeadjusted by family size for the area of the state in which the family lives, asdetermined annually by the U.S. Department of Housing and Urban Development.
(6) "Mutual housing association" means a nonprofitcorporation, incorporated pursuant to chapter 6 of title 7 and having articlesof incorporation approved by the executive director of the Rhode Island housingand mortgage finance corporation, having as one of its purposes the preventionand elimination of neighborhood deterioration and the preservation ofneighborhood stability by affording community and resident involvement in theprovision of high-quality, long-term housing for low and moderate incomefamilies in which residents: (i) participate in the ongoing operation andmanagement of that housing; (ii) have the right to continue residing in thehousing for as long as they comply with the terms of their occupancy agreement;and (iii) do not possess an equity or ownership interest in the housing.
(7) "Nonprofit housing development corporation" means anonprofit corporation, which has applied under 42 U.S.C. § 501(c)(3) forapproval as a § 501(c)(3) corporation with the Internal Revenue Service,or been so approved, and which is organized and operated with one of itsprincipal purposes being to provide housing for low and moderate income persons.
(8) "Utility allowance" means an amount established by theexecutive department pursuant to § 42-11.2-10.
§ 42-11.2-3 Definitions. – Terms used in this chapter shall be defined as follows, unless another meaningis expressed or clearly apparent from the language or context:
(1) "Eligible owner" means any of the following entities,provided that it shall have the legal right to lease or sub-lease existing,newly constructed, or substantially rehabilitated dwelling units.
(2) "Fair market rent" means the fair rental amount for adwelling unit, as established by the executive department pursuant to §42-11.2-9.
(i) A mutual housing association, a nonprofit housingdevelopment corporation, a limited equity housing cooperative, a limitedpartnership in which a nonprofit housing development corporation is the generalpartner, or a limited partnership in which a corporation wholly owned by anonprofit housing development corporation is the general partner.
(ii) Any other person or entity the department elects tocontract with.
(3) "Housing costs" means an amount equal to the fair marketrent for an assisted unit, plus a utility allowance for that unit as determinedby the executive department.
(4) "Limited equity housing cooperative" means a cooperativehousing association or corporation organized and operated primarily for thebenefit of low and moderate income persons, and whose equity, after allowancefor maximum transfer value of its stock, is permanently dedicated to providinghousing to persons of low or moderate income or to a charitable purpose.
(5) "Low-income family" means an individual or family whosetotal income does not exceed sixty percent (60%) of the median family incomeadjusted by family size for the area of the state in which the family lives, asdetermined annually by the U.S. Department of Housing and Urban Development.
(6) "Mutual housing association" means a nonprofitcorporation, incorporated pursuant to chapter 6 of title 7 and having articlesof incorporation approved by the executive director of the Rhode Island housingand mortgage finance corporation, having as one of its purposes the preventionand elimination of neighborhood deterioration and the preservation ofneighborhood stability by affording community and resident involvement in theprovision of high-quality, long-term housing for low and moderate incomefamilies in which residents: (i) participate in the ongoing operation andmanagement of that housing; (ii) have the right to continue residing in thehousing for as long as they comply with the terms of their occupancy agreement;and (iii) do not possess an equity or ownership interest in the housing.
(7) "Nonprofit housing development corporation" means anonprofit corporation, which has applied under 42 U.S.C. § 501(c)(3) forapproval as a § 501(c)(3) corporation with the Internal Revenue Service,or been so approved, and which is organized and operated with one of itsprincipal purposes being to provide housing for low and moderate income persons.
(8) "Utility allowance" means an amount established by theexecutive department pursuant to § 42-11.2-10.
§ 42-11.2-3 Definitions. – Terms used in this chapter shall be defined as follows, unless another meaningis expressed or clearly apparent from the language or context:
(1) "Eligible owner" means any of the following entities,provided that it shall have the legal right to lease or sub-lease existing,newly constructed, or substantially rehabilitated dwelling units.
(2) "Fair market rent" means the fair rental amount for adwelling unit, as established by the executive department pursuant to §42-11.2-9.
(i) A mutual housing association, a nonprofit housingdevelopment corporation, a limited equity housing cooperative, a limitedpartnership in which a nonprofit housing development corporation is the generalpartner, or a limited partnership in which a corporation wholly owned by anonprofit housing development corporation is the general partner.
(ii) Any other person or entity the department elects tocontract with.
(3) "Housing costs" means an amount equal to the fair marketrent for an assisted unit, plus a utility allowance for that unit as determinedby the executive department.
(4) "Limited equity housing cooperative" means a cooperativehousing association or corporation organized and operated primarily for thebenefit of low and moderate income persons, and whose equity, after allowancefor maximum transfer value of its stock, is permanently dedicated to providinghousing to persons of low or moderate income or to a charitable purpose.
(5) "Low-income family" means an individual or family whosetotal income does not exceed sixty percent (60%) of the median family incomeadjusted by family size for the area of the state in which the family lives, asdetermined annually by the U.S. Department of Housing and Urban Development.
(6) "Mutual housing association" means a nonprofitcorporation, incorporated pursuant to chapter 6 of title 7 and having articlesof incorporation approved by the executive director of the Rhode Island housingand mortgage finance corporation, having as one of its purposes the preventionand elimination of neighborhood deterioration and the preservation ofneighborhood stability by affording community and resident involvement in theprovision of high-quality, long-term housing for low and moderate incomefamilies in which residents: (i) participate in the ongoing operation andmanagement of that housing; (ii) have the right to continue residing in thehousing for as long as they comply with the terms of their occupancy agreement;and (iii) do not possess an equity or ownership interest in the housing.
(7) "Nonprofit housing development corporation" means anonprofit corporation, which has applied under 42 U.S.C. § 501(c)(3) forapproval as a § 501(c)(3) corporation with the Internal Revenue Service,or been so approved, and which is organized and operated with one of itsprincipal purposes being to provide housing for low and moderate income persons.
(8) "Utility allowance" means an amount established by theexecutive department pursuant to § 42-11.2-10.
