Sec. 8-400. Definitions.
Sec. 8-400. Definitions. As used in sections 8-400 to 8-405, inclusive:
(1) "Authority" means the Connecticut Housing Finance Authority as created under
section 8-244;
(2) "Developer", "mortgagor" or "eligible mortgagor" means (A) a nonprofit corporation incorporated pursuant to chapter 602 or any predecessor statutes thereto, having
as one of its purposes the construction, rehabilitation, ownership or operation of housing,
and having articles of incorporation approved by the authority in accordance with the
provisions of chapter 134; (B) any business corporation incorporated pursuant to chapter
601 or any predecessor statutes thereto, having as one of its purposes the construction,
rehabilitation, ownership or operation of housing, and having articles of incorporation
approved by the authority in accordance with the provisions of said chapter 134; (C)
any limited liability company, partnership, limited partnership, joint venture, sole proprietorship, trust or association having as one of its purposes the construction, rehabilitation, ownership or operation of housing, and having basic documents of organization
approved by the authority in accordance with the provisions of said chapter 134; or (D)
a family or persons approved by the authority as qualified to own, construct, rehabilitate,
manage and maintain housing under a mortgage loan made or insured by the authority
under the provisions of said chapter 134 and under an agreement entered into pursuant
to the provisions of sections 8-400 to 8-405, inclusive;
(3) "Housing", "housing project", "development" or "project" means any undertaking having as its principal purpose the construction or substantial rehabilitation of safe
and adequate housing and related facilities for low and moderate income families and
persons, including housing that provides dwelling accommodations in addition to the
primary purpose of providing dwelling accommodations for low and moderate income
families and persons;
(4) "Related facilities" means commercial, office, health, administrative, recreational, community and service facilities incidental to housing as determined by the
authority;
(5) "Rent" means the charges, excluding security deposits, paid to a landlord for
occupancy of housing financed or assisted under sections 8-400 to 8-405, inclusive;
(6) "Project cost" means the total of all costs incurred in the development of a
housing project, which are approved by the authority and the Commissioner of Economic
and Community Development as reasonable and necessary, including, but not limited
to (A) costs of land acquisition, including any buildings located thereon; (B) costs of
site preparation, demolition and development; (C) architectural, engineering, legal and
other fees and charges incurred in connection with the planning, execution and financing
of the project; (D) the cost of studies, surveys, plans and permits required in connection
with the project; (E) insurance, interest, financing, tax and assessment costs and other
operating costs incurred during construction; (F) the cost of construction or reconstruction, including the cost of fixtures and equipment related to such construction or reconstruction; (G) the cost of land improvements; (H) necessary expenses incurred in connection with the initial occupancy of the project; (I) a reasonable profit or fee to the builder
and developer; (J) an allowance established by the authority for working capital, replacement and contingency reserves, and reserves for any anticipated operating deficits during
the first two years of occupancy; (K) the cost of such other items, including tenant
relocation, as the authority and the Commissioner of Economic and Community Development shall deem to be reasonable and necessary for the development of the project,
less the amount of net rents and other net revenues received from the operation of any
real and personal property located on the project site during construction;
(7) "Low income unit" means a unit of housing rented to a tenant whose income is
below the aggregate family income standards established in sections 8-400 to 8-405,
inclusive;
(8) "Mortgage" means a mortgage deed or other instrument which shall constitute
a lien, whether first or second, on real property or on a leasehold under a lease having
a remaining term at the time such mortgage is acquired which does not expire for a
number of years beyond the maturity date of the obligation secured by such mortgage
that is equal to the number of years remaining until the maturity date of such obligation;
(9) "First mortgage" means such classes of first liens as are commonly given to
secure loans on, or the unpaid purchase price of, real property under the laws of the
state, together with appropriate credit instruments;
(10) "Bonds" means any bonds, notes, interim certificates, debentures or other obligations issued by the state pursuant to sections 8-400 to 8-405, inclusive;
(11) "Aggregate family income" means the total family income of all members of
a family, from whatever source derived, including but not limited to pensions, annuities,
retirement benefits and social security benefits, provided the authority and the Commissioner of Economic and Community Development may exclude from such income, (A)
reasonable allowances for dependents, (B) reasonable allowances for medical expenses,
(C) all or any part of the earnings of gainfully employed minors or family members
other than the chief wage earner, (D) income not regularly received and (E) such other
expenses as the Commissioner of Economic and Community Development may allow;
(12) "Tenant" means the occupant of any housing unit financed or assisted under
sections 8-400 to 8-405, inclusive;
(13) "Second mortgage" means any class of second liens ranking immediately after
a first mortgage or class of first liens on the same property, without any intervening
liens, as are commonly given to secure loans on real property, or the unpaid purchase
price of real property under the laws of the state, together with appropriate credit instruments to insure or guarantee repayment in the event of default by the mortgagor.
(P.A. 88-261, S. 1, 8; P.A. 95-250, S. 1, 32, 42; 95-309, S. 6, 11, 12; P.A. 96-211, S. 1, 5, 6; 96-256, S. 180, 209; 96-271, S. 153, 254.)
History: P.A. 95-250 and P.A. 96-211 amended Subdiv. (11) to substitute "Commissioner of Economic and Community
Development" for the Commissioner of Housing, amended Subdiv. (3) to include first liens in the definition of "second
mortgage" and made technical changes; P.A. 95-309 made further technical changes and changed effective date of P.A.
95-250 but did not affect this section; P.A. 96-256 and P.A. 96-271 amended definitions of "developer", "mortgagor" or
"eligible mortgagor" in Subdiv. (2) by replacing reference to "chapter 600" with "chapter 602 or any predecessor statutes
thereto" and "chapter 599" with "chapter 601 or any predecessor statutes thereto", respectively, effective January 1, 1997.