99- 346 C.M.R. ch. 30, § 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 applying for funds
governed by this rule. Depending on the Program design, an Applicant will be
(i) a Low or Moderate Income Person who owns and occupies a Single Family Home
or (ii) a party who seeks to provide administrative functions or other services
for the benefit of Low or Moderate Income Persons who own and occupy a Single
Family Home.
C. "Beneficiary" means
a Low or Moderate Income Person who owns and occupies a Single Family Home
improved with funds governed by this rule.
D. "Director" means the director of
MSHA.
E. "Funding Commitment" means
MSHA's official notification to an Applicant indicating that its application
has been approved and stating the terms of a prospective financing.
F. "General Mortgage Purchase Bond
Resolution" means a resolution adopted by MSHA on February 4, 1972, as amended
and supplemented, which authorizes MSHA to issue bonds for the purchase of
first lien single-family and multifamily mortgages.
G. "Governmental Entity" means a state or
federal agency or instrumentality.
H. "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 the HOME
Investment Partnerships Program Final Rule, 24 C.F.R. Part 92, published
September 16, 1996 with May 28, 1997 technical corrections and August 22, 1997
amendments.
I. "Low or Moderate
Income Persons" means persons or families whose income is lower than limits
established by MSHA for a particular Program, based on criteria determined by
MSHA which may include without limitation market conditions, interest rates,
availability of housing, geography, family size, and need.
J. "MSHA" 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.
K. "Program" means an
offering of mortgage financing in the form of amortizing debt, forgivable
loans, grants, or a combination of the foregoing available to prospective
eligible Applicants and Beneficiaries on certain terms and for certain purposes
determined by MSHA pursuant to this rule.
L. "Program Guide" means the written
procedural and administrative guide for a particular Program governed by the
terms and conditions of this rule.
M. "Project" means a Single Family Home owned
by a Low or Moderate Income Person and improved or to be improved with funds
pursuant to a Program.
N.
"Recipient" means an Applicant who has received a Funding Commitment.
O. "Single Family Home" means a one, two,
three or four unit owner-occupied residence.
P. "State Housing Bond" means the general
fund bond issued by the State of Maine pursuant to Private and Special Laws,
2001, Chapter 35, in the amount of $12,000,000 to address the affordable
housing crisis in the State.
Notes
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