24 N.C. Admin. Code 01A .0104 - DEFINITIONS
The following words and terms, unless their context shall clearly indicate a different definition, shall be defined and mean as follows:
(1) "Act" shall mean Chapter
122A of the General Statutes of North Carolina, being known as the "North
Carolina Housing Finance Agency Act."
(2) "Agency" shall mean the North Carolina
Housing Finance Agency.
(3)
"Applicant" shall mean a natural person or corporation or other appropriate
legal entity making application to the agency to receive agency monies,
assistance, or services under the act.
(4) "Application" means a request for agency
assistance under the act made on forms provided by the agency.
(5) "Board of directors" shall mean the
members of the Board of Directors of the North Carolina Housing Finance Agency
constituted pursuant to North Carolina
G.S.
122A-4.
(6) "Executive director" shall mean the
person serving as Executive Director of the North Carolina Housing Finance
Agency pursuant to North Carolina
G.S.
122A-4.
(7) "Deed of trust" shall mean a mortgage
deed, deed of trust or other security instrument which shall constitute a first
lien in the state on real property and improvements.
(8) "VA" shall mean Veteran's
Administration.
(9) "FHA" shall
mean Federal Housing Administration.
(10) "FNMA" shall mean the Federal National
Mortgage Association.
(11) "FHLMC"
shall mean the Federal Home Loan Mortgage Corporation.
(12) "Lender" shall mean any financial
institution which is an FHA or VA approved mortgagee, or an approved
seller-servicer of FNMA or FHLMC, and which is authorized to do business in the
State of North Carolina.
(13)
"Mortgage loan" shall mean an interest-bearing obligation secured by a deed of
trust for financing the ownership by a person or family of single family
residential housing occupied by such person or family as its primary
residence.
(14) "Mortgagor" shall
mean the original borrower under a mortgage loan and the heirs, executors,
administrators and assigns.
(15)
"Qualified insurer" shall mean any private mortgage insurer approved by the
agency and qualified to provide insurance on mortgage loans purchased by the
FHLMC or FNMA.
(16) "Rural Areas"
shall include rural counties and rural cities. Rural counties are counties
which are not part of a Metropolitan Statistical Area (MSA) or do not contain
at least one third of the population of a city with a population in excess of
20,000. Rural cities are incorporated cities containing less than 10,000
people.
(17) "Urban Areas" shall
include urban counties and urban cities. Urban counties are counties which are
part of a Metropolitan Statistical Area (MSA) or counties containing more than
one third of the population of an incorporated city with a population in excess
of 20,000. Urban cities are incorporated cities of 10,000 or more, and for
purposes of financing using agency proceeds, the extraterritorial planning
district of an urban city will be considered as part of the urban city for
income limit determination.
(18)
"Metropolitan Cities" shall include incorporated cities of 100,000 or more
population; and for purposes of financing using agency proceeds, the
extraterritorial planning district of a metropolitan city and the Metropolitan
Statistical Area (MSA) in which the metropolitan city is located, will be
considered as part of the metropolitan city for income limit
determination.
(19) "Distressed
Counties" shall mean those counties in the Appalachian region of the state that
have been designated by the Appalachian Regional Commission (ARC) as priority
areas for funding consideration in the state's annual investment program, based
on per capita income, unemployment, poverty, and infant mortality
rates.
(20) "Subsidized Housing
Program" shall mean housing that receives federal and/or state assistance in
any form, in addition to tax-exempt bond financing.
(21) "Unsubsidized Housing Program" shall
mean housing that receives no federal and/or state assistance other than
tax-exempt bond financing.
(22)
"Mobile Home" shall mean a multi-section manufactured home conforming to either
applicable state or local building codes or the Federal Mobile Home
Construction and Safety Standards (Title VI, Housing and Community Development
Act of 1974) with a minimum width of 20 feet, a roof pitch of 2 inches per 12
inches, constructed with aluminum, wood or brick exterior facade which is
permanently affixed to a permanent foundation with a grade level beneath the
mobile home at or above the 100 year return frequency flood elevation, which is
located on an individually owned lot or in a condominium, PUD or DeMinimus PUD
subdivision and which is taxed as real estate, not personal property. For the
purpose of this definition, permanently attached shall mean that the towing
hitch or running gear, including the wheels and axles, has been removed from
the mobile home and the home has been permanently affixed to a conventional
foundation (including basement, crawl space and slab types of foundations) or
permanently affixed to piers and ports with a perimeter skirting in geographic
areas of North Carolina in which piers and ports are typical, as evidenced by a
real estate appraisal, and the piers and ports are located below the normal
frost line. Words and terms defined in the act have the same meaning when used
in these Rules and Regulations as are ascribed to them in the act, and the
definitions in the act of such words and terms are incorporated herein by
reference.
Notes
Eff. May 28, 1976;
Amended Eff. July 2, 1981;
Transferred from T15: 14 Eff. December 1, 1981;
Amended Eff. September 1, 1984; March 1, 1984; May 1, 1983;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 23, 2017.
Eff. May 28, 1976;
Amended Eff. July 2, 1981;
Transferred from T15: 14 Eff. December 1, 1981;
Amended Eff. September 1, 1984; March 1, 1984; May 1, 1983.
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