99-346 C.M.R. ch. 29, § 1 - Definitions

A. "Act" means the Maine Housing Authorities Act, 30-A M.R.S.A. §4701, et seq.

B. "Applicant" means the individual, municipality or entity, or their assigns, applying for financing governed by this Rule.

C. "CMF" means the Capital Magnet Fund established by the federal Housing and Economic Recovery Act of 2008.

D. "Code" means the Internal Revenue Code of 1986, as amended.

E. "Commissioners" means the Director, the Treasurer of the State of Maine, and the eight other persons appointed to the MaineHousing board of commissioners pursuant to 30-A M.R.S.A. §4723, et seq.

F. "Developer" means an Applicant, or an assign of the Applicant, who has received a Term Sheet.

G. "Development" means the land and buildings an Applicant or Developer intends to acquire, construct, rehabilitate, or preserve as rental units for Low-income Persons with funding from a Program.

H. "Development Team" means Applicants and Developers and those working in conjunction with them on a Development, including, without limitation, consultants, architects, engineers, attorneys, real estate agents and brokers, management and marketing agents, contractors, financial institutions, insurance agents, investment brokers, and service providers.

I. "Director" means the director of MaineHousing.

J. "General Mortgage Purchase Bond Resolution" means a resolution adopted by MaineHousing on February 4, 1972, as amended and supplemented, which authorizes MaineHousing to issue bonds for the purchase of first lien single-family and multifamily mortgages.

K. "HOME Investment Partnerships Act" means Title II of the Cranston-Gonzales National Affordable Housing Act, as amended, 42 U.S.C. 12701, et seq., and implementing regulations including 24 C.F.R. Part 92, all as may be amended.

L. "HTF" means the National Housing Trust Fund established by the federal Housing and Economic Recovery Act of 2008 and implementing regulations including 24 C.F.R. Part 93, all as may be amended.

M. "HUD" means the U.S. Department of Housing and Urban Development.

N. "Loan Documents" means the documents that evidence or secure the Developer's indebtedness and other obligations to MaineHousing.

O. "Low-income Persons" means persons or families who lack the income which is necessary, as determined by MaineHousing, to enable them, without financial assistance, to live in or purchase decent, safe and sanitary dwellings, without overcrowding. Financial assistance includes, but is not limited to, the following kinds of assistance:

(i) mortgage insurance;

(ii) interest subsidies;

(iii) rent subsidies;

(iv) public assistance payment or services; or

(v) any other assistance that may be provided by MaineHousing through the sale of bonds.

P. "Low-income Persons with Supportive Service Needs" means Low-income Persons who require assistance typically provided in the following types of projects:

(i) emergency shelters;

(ii) group homes;

(iii) transitional housing;

(iv) supported apartments; or

(v) other types of housing in which supportive services are provided.

Q. "MEHER" means the Maine Energy Housing and Economic Recovery program as established in 30-A M.R.S.A §4861, et seq.

R. MaineHousing" means the Maine State Housing Authority, a body corporate and politic and an instrumentality of the State of Maine, and its agents, contractors, and employees duly authorized to act on its behalf.

S. "Mortgage Purchase Program Fund Balance" means the excess of assets over liabilities held in MaineHousing's General Mortgage Purchase Bond Resolution.

T. "Program" means an offering of financing in the form of interest-bearing debt, deferred debt, forgivable loans, grants subject to recapture, or a combination of the foregoing available to prospective eligible Applicants on certain terms and for certain purposes determined by MaineHousing pursuant to this rule.

U. "Program Guide" means the written procedural and administrative guide for a particular Program governed by the terms and conditions of this rule.

V. "Term Sheet" means MaineHousing's official notification to an Applicant, or assignee of the Applicant, indicating that its application has been approved and stating the terms of a prospective financing.

Notes

99-346 C.M.R. ch. 29, § 1