33 §121. Definitions
Title 33: PROPERTY
Chapter 6: AFFORDABLE HOUSING COVENANTS HEADING: PL 1991, C. 373 (NEW)
§121. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [1991, c. 373, (NEW).]
1. Affordable housing covenant. "Affordable housing covenant" means any agreement among one or more owners, one or more tenants of residential real estate and one or more qualified holders, or between one or more owners and one or more qualified holders, or between one or more tenants and one or more qualified holders, that permits a qualified holder to control, either directly or indirectly, the purchase price of residential housing for the primary purpose of providing that the housing remains affordable to lower income and moderate-income households.
[ 1991, c. 373, (NEW) .]
2. Lower income and moderate-income households. "Lower income and moderate-income households" means very low-income, low-income and moderate-income households as defined in the Affordable Housing Partnership Act of 1989.
[ 1991, c. 373, (NEW) .]
3. Qualified holder. "Qualified holder" means a governmental entity empowered to hold an interest in real property under the laws of this State or the United States or a nonprofit organization whose purposes include the provision of affordable housing or the increasing of affordable housing opportunities for lower income or moderate-income households including governmental or quasi-governmental entities such as public housing authorities, community action agencies or other similar nonprofit or governmental entities committed to providing opportunities for lower income or moderate-income households to obtain affordable housing.
[ 1991, c. 373, (NEW) .]
SECTION HISTORY
1991, c. 373, (NEW).