State Codes and Statutes

Statutes > Rhode-island > Title-42 > Chapter-42-55 > 42-55-3

SECTION 42-55-3

   § 42-55-3  Definitions. – The following words and terms, unless the context clearly indicates a differentmeaning, shall have the following meanings:

   (1) "Bonds, notes, and other obligations" or "bonds, bondanticipation notes, or other obligations" means any bonds, notes, debentures,interim certificates, or other evidences of financial indebtedness issued bythe corporation pursuant to this chapter;

   (2) "Corporation" means the Rhode Island housing and mortgagefinance corporation created by this chapter;

   (3) "Earned surplus" shall have the same meaning as ingenerally accepted accounting standards.

   (4) "Energy saving improvements" means improvements for thepurpose of promoting energy savings or efficiency in residential housing andshall include, but not be limited to, the installation or upgrading of ceiling,wall, floor, and duct insulation, storm windows and doors, caulking and weatherstripping, solar, passive or other alternative energy sources, hot waterheaters, heating or cooling systems, and any other improvements of a similarnature as may from time to time be determined by the corporation;

   (5) "Federally insured mortgage" means a mortgage loan forland development or residential housing or health care facilities insured orguaranteed by the United States or a governmental agency or instrumentality ofthe United States, or a commitment by the United States or a governmentalagency or instrumentality of the United States to insure that mortgage;

   (6) "Federal mortgage" means a mortgage loan for landdevelopment or residential housing or health care facility made by the UnitedStates or a governmental agency or instrumentality of the United States or forwhich there is a commitment by the United States or a governmental agency orinstrumentality of the United States to make that mortgage loan;

   (7) "Governmental agency" or "instrumentality" means anydepartment, division, public corporation, public agency, political subdivision,or other public instrumentality of the state, the federal government, any otherstate or public agency, or any two (2) or more of these;

   (8) "Health care facilities" means real property (or a leaseof the fee of real property) located in the state and improved by buildings,structures, or other improvements, including fixtures and equipment,constituting a facility providing services by or under the supervision of aphysician or, in the case of a dental clinic or dental dispensary, of adentist, for the prevention, diagnosis, or treatment of a human disease, pain,injury, deformity, or physical condition or constituting a facility providingto occupants nursing care to sick, invalid, infirm, disabled, or convalescentpersons in addition to lodging and board or health-related service or providingnursing care and health-related service to persons who are not occupants of thefacilities, or unimproved if the proceeds of an eligible mortgage shall be usedfor the purpose of erecting these buildings, structures, or other improvements;

   (9) "Housing development" or "housing project" means any workor undertaking, whether new construction or rehabilitation, constituting asingle family or multi-family residence including without limitation mobilehomes and shelters, which are designed and financed pursuant to the provisionsof this chapter for the primary purpose of providing sanitary, decent, and safedwelling accommodations for persons and families of low or moderate income inneed of housing; this undertaking may include any buildings, land, equipment,facilities, or other real or personal properties which are necessary,convenient, or desirable in connection therewith, including, but not limitedto, streets, sewers, utilities, parks, site preparation, landscaping, and thosestores, offices, and other non-housing facilities such as administrative,community, health, recreational, educational, commercial, and welfarefacilities that the corporation determines to be necessary, convenient, ordesirable;

   (10) "Housing development costs" means the sum total of allcosts incurred in the development of a housing development or housing project,which are approved by the corporation as reasonable and necessary, which costsshall include, but are not necessarily limited to:

   (i) Cost of land acquisition and any buildings thereon,including payments for options, deposits, or contracts to purchase propertieson the proposed housing project or housing development site or payments for thepurchase of the properties;

   (ii) Cost of site preparation, demolition, and clearing;

   (iii) Architectural, engineering, legal, accounting,corporation, and other fees paid or payable in connection with the planning,execution, and financing of the housing development and for finding an eligiblemortgagee or mortgagees for the housing development;

   (iv) Cost of necessary studies, surveys, plans, and permits;

   (v) Insurance, interest, financing, tax and assessment costs,and other operating and carrying costs during construction;

   (vi) Cost of construction, rehabilitation, reconstruction,fixtures, furnishings, equipment, machinery, apparatus, and similar facilitiesrelated to the real property;

   (vii) Cost of land improvements, including withoutlimitation, landscaping and off-site improvements, whether or not these costshave been paid for in cash or in a form other than cash;

   (viii) Necessary expenses in connection with initialoccupancy of the housing development or housing project;

   (ix) A reasonable profit and risk fee in addition to joboverhead to the general contractor and, if applicable, a limited profit housingsponsor;

   (x) An allowance established by the corporation for workingcapital and contingency reserves, and reserves for any anticipated operatingdeficits during construction and for the first two (2) years of occupancy; and

   (xi) The cost of any other items, including tenantrelocation, that the corporation shall determine to be reasonable and necessaryfor the development of the housing development, less any and all net rents andother net revenues received from the operation of the real and personalproperty on the development site during construction;

   (11) "Housing sponsor," "health care sponsor" or "sponsor"means individuals, joint ventures, partnerships, limited partnerships, trusts,firms, associations, or other legal entities or any combination thereof,corporations, cooperatives, and condominiums, approved by the corporation asqualified either to own, construct, acquire, rehabilitate, operate, manage, ormaintain a housing development, housing project or residential housing orhealth care facilities whether for profit, nonprofit, or organized for limitedprofit subject to the regulatory powers of the corporation and other terms andconditions set forth in this chapter;

   (12) "Land development" means the process of acquiring landprimarily for residential housing construction for persons and families of lowand moderate income, or for construction of health care facilities, and making,installing, or constructing nonresidential housing or health care facilityimprovements, including water, sewer, and other utilities, roads, streets,curbs, gutters, sidewalks, storm drainage facilities, and other installationsor works, whether on or off the site, which the corporation deems necessary ordesirable to prepare the land primarily for residential housing or health carefacility construction within the state;

   (13) "Mortgage" means a mortgage deed, deed of trust,security agreement or other instrument which shall constitute a lien on realproperty in fee simple or on a leasehold under a lease having a remaining term,at the time the mortgage is acquired, which does not expire for at least thatnumber of years beyond the maturity date of the obligation secured by themortgage as is equal to the number of years remaining until the maturity dateof the obligation and on related personal property constituting the housingdevelopment, housing project, or residential housing;

   (14) "Mortgage lender" means any bank or trust company,federal national mortgage association approved mortgage banker, savings bank,savings and loan association, industrial bank, credit union, national bankingassociation, federal savings and loan association, or federal credit union, orother financial institutions or governmental agencies which are eligible toprovide service or otherwise aid in the financing of mortgages on single familyresidential housing or multifamily residential housing or health carefacilities located in the state;

   (15) "Mortgage loan" means an interest bearing obligationsecured by a mortgage on land and improvements in the state constituting ahousing development or housing project or health care facility or residentialhousing;

   (16) "Multi-family residential housing" means residentialhousing consisting of five (5) or more family units;

   (17) "Municipality" means any city, town, or other politicalsubdivision of the state;

   (18) "Persons and families of low and moderate income" meanspersons and families irrespective of race, creed, national origin, or sexdeemed by the corporation to require any assistance made available by thischapter on account of insufficient personal or family income, taking intoconsideration, without limitation, such factors as:

   (i) The amount of the total income of those persons andfamilies available for housing needs;

   (ii) The size of the family;

   (iii) The cost and condition of housing facilities available;

   (iv) The eligibility of those persons and families forfederal housing assistance of any type predicated upon a low income basis orupon the basis of the age of the persons;

   (v) The ability of those persons and families to competesuccessfully in the normal housing market and to pay the amounts at whichprivate enterprise is providing decent, safe, and sanitary housing, and deemedby the corporation to be eligible to occupy residential housing constructed andfinanced, wholly or in part, with insured construction loans or insuredmortgages, or with other public or private assistance;

   (19) "Real property" means all lands including improvementsand fixtures thereon, and property of any nature appurtenant thereto, or usedin connection therewith, and every estate, interest, and right, legal orequitable, therein, including terms of years and liens by way of judgment,mortgage, or otherwise and the indebtedness secured by those liens;

   (20) "Residential housing" means:

   (i) A specific work or improvement within this state whetherin single family or multi-family units undertaken primarily to provide dwellingaccommodations for persons and families of low and moderate income and for theelderly, including the acquisition, construction, or rehabilitation of land,buildings, and improvements thereto, and other non-housing facilitiesincidental or appurtenant thereto; and

   (ii) Existing housing owned and occupied by, and sheltersfor, persons or families of low or moderate income or the elderly;

   (21) "Shelter" means an entity or organization located in thestate which provides on-site temporary residential shelter to homeless, abused,battered, or neglected individuals and/or families, and which receives aportion of its operating funds from the state;

   (22) "Single family residential housing" means residentialhousing consisting of four (4) or fewer family units; and

   (23) "State" means the state of Rhode Island and ProvidencePlantations.

State Codes and Statutes

Statutes > Rhode-island > Title-42 > Chapter-42-55 > 42-55-3

SECTION 42-55-3

   § 42-55-3  Definitions. – The following words and terms, unless the context clearly indicates a differentmeaning, shall have the following meanings:

   (1) "Bonds, notes, and other obligations" or "bonds, bondanticipation notes, or other obligations" means any bonds, notes, debentures,interim certificates, or other evidences of financial indebtedness issued bythe corporation pursuant to this chapter;

   (2) "Corporation" means the Rhode Island housing and mortgagefinance corporation created by this chapter;

   (3) "Earned surplus" shall have the same meaning as ingenerally accepted accounting standards.

   (4) "Energy saving improvements" means improvements for thepurpose of promoting energy savings or efficiency in residential housing andshall include, but not be limited to, the installation or upgrading of ceiling,wall, floor, and duct insulation, storm windows and doors, caulking and weatherstripping, solar, passive or other alternative energy sources, hot waterheaters, heating or cooling systems, and any other improvements of a similarnature as may from time to time be determined by the corporation;

   (5) "Federally insured mortgage" means a mortgage loan forland development or residential housing or health care facilities insured orguaranteed by the United States or a governmental agency or instrumentality ofthe United States, or a commitment by the United States or a governmentalagency or instrumentality of the United States to insure that mortgage;

   (6) "Federal mortgage" means a mortgage loan for landdevelopment or residential housing or health care facility made by the UnitedStates or a governmental agency or instrumentality of the United States or forwhich there is a commitment by the United States or a governmental agency orinstrumentality of the United States to make that mortgage loan;

   (7) "Governmental agency" or "instrumentality" means anydepartment, division, public corporation, public agency, political subdivision,or other public instrumentality of the state, the federal government, any otherstate or public agency, or any two (2) or more of these;

   (8) "Health care facilities" means real property (or a leaseof the fee of real property) located in the state and improved by buildings,structures, or other improvements, including fixtures and equipment,constituting a facility providing services by or under the supervision of aphysician or, in the case of a dental clinic or dental dispensary, of adentist, for the prevention, diagnosis, or treatment of a human disease, pain,injury, deformity, or physical condition or constituting a facility providingto occupants nursing care to sick, invalid, infirm, disabled, or convalescentpersons in addition to lodging and board or health-related service or providingnursing care and health-related service to persons who are not occupants of thefacilities, or unimproved if the proceeds of an eligible mortgage shall be usedfor the purpose of erecting these buildings, structures, or other improvements;

   (9) "Housing development" or "housing project" means any workor undertaking, whether new construction or rehabilitation, constituting asingle family or multi-family residence including without limitation mobilehomes and shelters, which are designed and financed pursuant to the provisionsof this chapter for the primary purpose of providing sanitary, decent, and safedwelling accommodations for persons and families of low or moderate income inneed of housing; this undertaking may include any buildings, land, equipment,facilities, or other real or personal properties which are necessary,convenient, or desirable in connection therewith, including, but not limitedto, streets, sewers, utilities, parks, site preparation, landscaping, and thosestores, offices, and other non-housing facilities such as administrative,community, health, recreational, educational, commercial, and welfarefacilities that the corporation determines to be necessary, convenient, ordesirable;

   (10) "Housing development costs" means the sum total of allcosts incurred in the development of a housing development or housing project,which are approved by the corporation as reasonable and necessary, which costsshall include, but are not necessarily limited to:

   (i) Cost of land acquisition and any buildings thereon,including payments for options, deposits, or contracts to purchase propertieson the proposed housing project or housing development site or payments for thepurchase of the properties;

   (ii) Cost of site preparation, demolition, and clearing;

   (iii) Architectural, engineering, legal, accounting,corporation, and other fees paid or payable in connection with the planning,execution, and financing of the housing development and for finding an eligiblemortgagee or mortgagees for the housing development;

   (iv) Cost of necessary studies, surveys, plans, and permits;

   (v) Insurance, interest, financing, tax and assessment costs,and other operating and carrying costs during construction;

   (vi) Cost of construction, rehabilitation, reconstruction,fixtures, furnishings, equipment, machinery, apparatus, and similar facilitiesrelated to the real property;

   (vii) Cost of land improvements, including withoutlimitation, landscaping and off-site improvements, whether or not these costshave been paid for in cash or in a form other than cash;

   (viii) Necessary expenses in connection with initialoccupancy of the housing development or housing project;

   (ix) A reasonable profit and risk fee in addition to joboverhead to the general contractor and, if applicable, a limited profit housingsponsor;

   (x) An allowance established by the corporation for workingcapital and contingency reserves, and reserves for any anticipated operatingdeficits during construction and for the first two (2) years of occupancy; and

   (xi) The cost of any other items, including tenantrelocation, that the corporation shall determine to be reasonable and necessaryfor the development of the housing development, less any and all net rents andother net revenues received from the operation of the real and personalproperty on the development site during construction;

   (11) "Housing sponsor," "health care sponsor" or "sponsor"means individuals, joint ventures, partnerships, limited partnerships, trusts,firms, associations, or other legal entities or any combination thereof,corporations, cooperatives, and condominiums, approved by the corporation asqualified either to own, construct, acquire, rehabilitate, operate, manage, ormaintain a housing development, housing project or residential housing orhealth care facilities whether for profit, nonprofit, or organized for limitedprofit subject to the regulatory powers of the corporation and other terms andconditions set forth in this chapter;

   (12) "Land development" means the process of acquiring landprimarily for residential housing construction for persons and families of lowand moderate income, or for construction of health care facilities, and making,installing, or constructing nonresidential housing or health care facilityimprovements, including water, sewer, and other utilities, roads, streets,curbs, gutters, sidewalks, storm drainage facilities, and other installationsor works, whether on or off the site, which the corporation deems necessary ordesirable to prepare the land primarily for residential housing or health carefacility construction within the state;

   (13) "Mortgage" means a mortgage deed, deed of trust,security agreement or other instrument which shall constitute a lien on realproperty in fee simple or on a leasehold under a lease having a remaining term,at the time the mortgage is acquired, which does not expire for at least thatnumber of years beyond the maturity date of the obligation secured by themortgage as is equal to the number of years remaining until the maturity dateof the obligation and on related personal property constituting the housingdevelopment, housing project, or residential housing;

   (14) "Mortgage lender" means any bank or trust company,federal national mortgage association approved mortgage banker, savings bank,savings and loan association, industrial bank, credit union, national bankingassociation, federal savings and loan association, or federal credit union, orother financial institutions or governmental agencies which are eligible toprovide service or otherwise aid in the financing of mortgages on single familyresidential housing or multifamily residential housing or health carefacilities located in the state;

   (15) "Mortgage loan" means an interest bearing obligationsecured by a mortgage on land and improvements in the state constituting ahousing development or housing project or health care facility or residentialhousing;

   (16) "Multi-family residential housing" means residentialhousing consisting of five (5) or more family units;

   (17) "Municipality" means any city, town, or other politicalsubdivision of the state;

   (18) "Persons and families of low and moderate income" meanspersons and families irrespective of race, creed, national origin, or sexdeemed by the corporation to require any assistance made available by thischapter on account of insufficient personal or family income, taking intoconsideration, without limitation, such factors as:

   (i) The amount of the total income of those persons andfamilies available for housing needs;

   (ii) The size of the family;

   (iii) The cost and condition of housing facilities available;

   (iv) The eligibility of those persons and families forfederal housing assistance of any type predicated upon a low income basis orupon the basis of the age of the persons;

   (v) The ability of those persons and families to competesuccessfully in the normal housing market and to pay the amounts at whichprivate enterprise is providing decent, safe, and sanitary housing, and deemedby the corporation to be eligible to occupy residential housing constructed andfinanced, wholly or in part, with insured construction loans or insuredmortgages, or with other public or private assistance;

   (19) "Real property" means all lands including improvementsand fixtures thereon, and property of any nature appurtenant thereto, or usedin connection therewith, and every estate, interest, and right, legal orequitable, therein, including terms of years and liens by way of judgment,mortgage, or otherwise and the indebtedness secured by those liens;

   (20) "Residential housing" means:

   (i) A specific work or improvement within this state whetherin single family or multi-family units undertaken primarily to provide dwellingaccommodations for persons and families of low and moderate income and for theelderly, including the acquisition, construction, or rehabilitation of land,buildings, and improvements thereto, and other non-housing facilitiesincidental or appurtenant thereto; and

   (ii) Existing housing owned and occupied by, and sheltersfor, persons or families of low or moderate income or the elderly;

   (21) "Shelter" means an entity or organization located in thestate which provides on-site temporary residential shelter to homeless, abused,battered, or neglected individuals and/or families, and which receives aportion of its operating funds from the state;

   (22) "Single family residential housing" means residentialhousing consisting of four (4) or fewer family units; and

   (23) "State" means the state of Rhode Island and ProvidencePlantations.


State Codes and Statutes

State Codes and Statutes

Statutes > Rhode-island > Title-42 > Chapter-42-55 > 42-55-3

SECTION 42-55-3

   § 42-55-3  Definitions. – The following words and terms, unless the context clearly indicates a differentmeaning, shall have the following meanings:

   (1) "Bonds, notes, and other obligations" or "bonds, bondanticipation notes, or other obligations" means any bonds, notes, debentures,interim certificates, or other evidences of financial indebtedness issued bythe corporation pursuant to this chapter;

   (2) "Corporation" means the Rhode Island housing and mortgagefinance corporation created by this chapter;

   (3) "Earned surplus" shall have the same meaning as ingenerally accepted accounting standards.

   (4) "Energy saving improvements" means improvements for thepurpose of promoting energy savings or efficiency in residential housing andshall include, but not be limited to, the installation or upgrading of ceiling,wall, floor, and duct insulation, storm windows and doors, caulking and weatherstripping, solar, passive or other alternative energy sources, hot waterheaters, heating or cooling systems, and any other improvements of a similarnature as may from time to time be determined by the corporation;

   (5) "Federally insured mortgage" means a mortgage loan forland development or residential housing or health care facilities insured orguaranteed by the United States or a governmental agency or instrumentality ofthe United States, or a commitment by the United States or a governmentalagency or instrumentality of the United States to insure that mortgage;

   (6) "Federal mortgage" means a mortgage loan for landdevelopment or residential housing or health care facility made by the UnitedStates or a governmental agency or instrumentality of the United States or forwhich there is a commitment by the United States or a governmental agency orinstrumentality of the United States to make that mortgage loan;

   (7) "Governmental agency" or "instrumentality" means anydepartment, division, public corporation, public agency, political subdivision,or other public instrumentality of the state, the federal government, any otherstate or public agency, or any two (2) or more of these;

   (8) "Health care facilities" means real property (or a leaseof the fee of real property) located in the state and improved by buildings,structures, or other improvements, including fixtures and equipment,constituting a facility providing services by or under the supervision of aphysician or, in the case of a dental clinic or dental dispensary, of adentist, for the prevention, diagnosis, or treatment of a human disease, pain,injury, deformity, or physical condition or constituting a facility providingto occupants nursing care to sick, invalid, infirm, disabled, or convalescentpersons in addition to lodging and board or health-related service or providingnursing care and health-related service to persons who are not occupants of thefacilities, or unimproved if the proceeds of an eligible mortgage shall be usedfor the purpose of erecting these buildings, structures, or other improvements;

   (9) "Housing development" or "housing project" means any workor undertaking, whether new construction or rehabilitation, constituting asingle family or multi-family residence including without limitation mobilehomes and shelters, which are designed and financed pursuant to the provisionsof this chapter for the primary purpose of providing sanitary, decent, and safedwelling accommodations for persons and families of low or moderate income inneed of housing; this undertaking may include any buildings, land, equipment,facilities, or other real or personal properties which are necessary,convenient, or desirable in connection therewith, including, but not limitedto, streets, sewers, utilities, parks, site preparation, landscaping, and thosestores, offices, and other non-housing facilities such as administrative,community, health, recreational, educational, commercial, and welfarefacilities that the corporation determines to be necessary, convenient, ordesirable;

   (10) "Housing development costs" means the sum total of allcosts incurred in the development of a housing development or housing project,which are approved by the corporation as reasonable and necessary, which costsshall include, but are not necessarily limited to:

   (i) Cost of land acquisition and any buildings thereon,including payments for options, deposits, or contracts to purchase propertieson the proposed housing project or housing development site or payments for thepurchase of the properties;

   (ii) Cost of site preparation, demolition, and clearing;

   (iii) Architectural, engineering, legal, accounting,corporation, and other fees paid or payable in connection with the planning,execution, and financing of the housing development and for finding an eligiblemortgagee or mortgagees for the housing development;

   (iv) Cost of necessary studies, surveys, plans, and permits;

   (v) Insurance, interest, financing, tax and assessment costs,and other operating and carrying costs during construction;

   (vi) Cost of construction, rehabilitation, reconstruction,fixtures, furnishings, equipment, machinery, apparatus, and similar facilitiesrelated to the real property;

   (vii) Cost of land improvements, including withoutlimitation, landscaping and off-site improvements, whether or not these costshave been paid for in cash or in a form other than cash;

   (viii) Necessary expenses in connection with initialoccupancy of the housing development or housing project;

   (ix) A reasonable profit and risk fee in addition to joboverhead to the general contractor and, if applicable, a limited profit housingsponsor;

   (x) An allowance established by the corporation for workingcapital and contingency reserves, and reserves for any anticipated operatingdeficits during construction and for the first two (2) years of occupancy; and

   (xi) The cost of any other items, including tenantrelocation, that the corporation shall determine to be reasonable and necessaryfor the development of the housing development, less any and all net rents andother net revenues received from the operation of the real and personalproperty on the development site during construction;

   (11) "Housing sponsor," "health care sponsor" or "sponsor"means individuals, joint ventures, partnerships, limited partnerships, trusts,firms, associations, or other legal entities or any combination thereof,corporations, cooperatives, and condominiums, approved by the corporation asqualified either to own, construct, acquire, rehabilitate, operate, manage, ormaintain a housing development, housing project or residential housing orhealth care facilities whether for profit, nonprofit, or organized for limitedprofit subject to the regulatory powers of the corporation and other terms andconditions set forth in this chapter;

   (12) "Land development" means the process of acquiring landprimarily for residential housing construction for persons and families of lowand moderate income, or for construction of health care facilities, and making,installing, or constructing nonresidential housing or health care facilityimprovements, including water, sewer, and other utilities, roads, streets,curbs, gutters, sidewalks, storm drainage facilities, and other installationsor works, whether on or off the site, which the corporation deems necessary ordesirable to prepare the land primarily for residential housing or health carefacility construction within the state;

   (13) "Mortgage" means a mortgage deed, deed of trust,security agreement or other instrument which shall constitute a lien on realproperty in fee simple or on a leasehold under a lease having a remaining term,at the time the mortgage is acquired, which does not expire for at least thatnumber of years beyond the maturity date of the obligation secured by themortgage as is equal to the number of years remaining until the maturity dateof the obligation and on related personal property constituting the housingdevelopment, housing project, or residential housing;

   (14) "Mortgage lender" means any bank or trust company,federal national mortgage association approved mortgage banker, savings bank,savings and loan association, industrial bank, credit union, national bankingassociation, federal savings and loan association, or federal credit union, orother financial institutions or governmental agencies which are eligible toprovide service or otherwise aid in the financing of mortgages on single familyresidential housing or multifamily residential housing or health carefacilities located in the state;

   (15) "Mortgage loan" means an interest bearing obligationsecured by a mortgage on land and improvements in the state constituting ahousing development or housing project or health care facility or residentialhousing;

   (16) "Multi-family residential housing" means residentialhousing consisting of five (5) or more family units;

   (17) "Municipality" means any city, town, or other politicalsubdivision of the state;

   (18) "Persons and families of low and moderate income" meanspersons and families irrespective of race, creed, national origin, or sexdeemed by the corporation to require any assistance made available by thischapter on account of insufficient personal or family income, taking intoconsideration, without limitation, such factors as:

   (i) The amount of the total income of those persons andfamilies available for housing needs;

   (ii) The size of the family;

   (iii) The cost and condition of housing facilities available;

   (iv) The eligibility of those persons and families forfederal housing assistance of any type predicated upon a low income basis orupon the basis of the age of the persons;

   (v) The ability of those persons and families to competesuccessfully in the normal housing market and to pay the amounts at whichprivate enterprise is providing decent, safe, and sanitary housing, and deemedby the corporation to be eligible to occupy residential housing constructed andfinanced, wholly or in part, with insured construction loans or insuredmortgages, or with other public or private assistance;

   (19) "Real property" means all lands including improvementsand fixtures thereon, and property of any nature appurtenant thereto, or usedin connection therewith, and every estate, interest, and right, legal orequitable, therein, including terms of years and liens by way of judgment,mortgage, or otherwise and the indebtedness secured by those liens;

   (20) "Residential housing" means:

   (i) A specific work or improvement within this state whetherin single family or multi-family units undertaken primarily to provide dwellingaccommodations for persons and families of low and moderate income and for theelderly, including the acquisition, construction, or rehabilitation of land,buildings, and improvements thereto, and other non-housing facilitiesincidental or appurtenant thereto; and

   (ii) Existing housing owned and occupied by, and sheltersfor, persons or families of low or moderate income or the elderly;

   (21) "Shelter" means an entity or organization located in thestate which provides on-site temporary residential shelter to homeless, abused,battered, or neglected individuals and/or families, and which receives aportion of its operating funds from the state;

   (22) "Single family residential housing" means residentialhousing consisting of four (4) or fewer family units; and

   (23) "State" means the state of Rhode Island and ProvidencePlantations.