1951.852—Definitions and abbreviations.
(a) General definitions.
The following definitions are applicable to the terms used in this subpart.
(1)
Intermediary (Borrower). The entity receiving FmHA or its successor agency under Public Law 103-354 loan funds for relending to ultimate recipients. FmHA or its successor agency under Public Law 103-354 becomes an intermediary in the event it takes over loan servicing and/or liquidation.
(2) Loan Agreement.
The signed agreement between FmHA or its successor agency under Public Law 103-354 and the intermediary setting forth the terms and conditions of the loan.
(3) Low-income.
The level of income of a person or family which is at or below the Poverty Guidelines as defined in section 673(2) of the Community Services Block Grant Act (42 U.S.C. 9902(2) ).
(4) Market value.
The most probable price which property should bring, as of a specific date in a competitive and open market, assuming the buyer and seller are prudent and knowledgeable, and the price is not affected by undue stimulus such as forced sale or loan interest subsidy.
(5) Principals of intermediary.
Includes members, officers, directors, and other entities directly involved in the operation and management of an intermediary organization.
(6) Ultimate recipient.
The entity receiving financial assistance from the intermediary. This may be interchangeable with the term “subrecipient” in some documents previously issued by HHS.
(7) Rural area.
Includes all territory of a State that is not within the outer boundary of any city having a population of twenty-five thousand or more.
(8) State.
Any of the fifty States, the Commonwealth of Puerto Rico, the Virgin Islands of the United States, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.
(9) Technical assistance or service.
Technical assistance or service is any function unreimbursed by FmHA or its successor agency under Public Law 103-354 performed by the intermediary for the benefit of the ultimate recipient.
(10) Working capital.
The excess of current assets over current liabilities. It identifies the liquid portion of total enterprise capital which constitutes a margin or buffer for meeting obligations within the ordinary operating cycle of the business.
B&I —Business and Industry
CSA —Community Services Administration
EIS —Environmental Impact Statement
HHS —U.S. Department of Health and Human Services
IRP —Intermediary Relending Program
OCS —Office of Community Services
OIG —Office of Inspector General
OGC —Office of the General Counsel
RDLF —Rural Development Loan Fund
USDA —United States Department of Agriculture