§ 122A-3. Definitions.
§ 122A‑3. Definitions.
The following definitionsapply in this section:
(1) Agency. The NorthCarolina Housing Finance Agency created by this Chapter.
(2) Bonds or notes. Thebonds or the bond anticipation notes or construction loan notes authorized tobe issued by the Agency under this Chapter.
(3) Counseling agency. A nonprofit counseling agency located in North Carolina that is approved by theNorth Carolina Housing Finance Agency.
(4) Energy conservationloan. A loan obtained from a mortgage lender for the purpose of satisfying anexisting obligation of a borrower who is the resident owner of a single‑familydwelling or of "residential housing." The existing obligation of theowner in an "energy conservation loan" must have been incurred to payfor the purchase of materials or the installation of materials, or both, whichresults in a significant decrease in the amount of consumption of nonrenewablesources of energy in order to provide or maintain a comfortable level of roomtemperatures in his residence during the winter. "Energy conservationloan" does not include a loan obtained to refinance an existing loanagreement unless payment or collection of the original loan was guaranteed bythe Agency.
(5) Federally insuredsecurities. An evidence of indebtedness secured by a first mortgage lien onresidential housing for persons of lower income and insured or guaranteed as torepayment of principal and interest by the United States or any agency orinstrumentality thereof.
(6) Governmental agency. Any department, division, public agency, political subdivision, or otherpublic instrumentality of the State, the federal government, any other State orpublic agency, or any two or more thereof.
(7) Mortgage or mortgageloan. A mortgage loan for residential housing, including, without limitation,a mortgage loan to finance, either temporarily or permanently, theconstruction, rehabilitation, improvement, or acquisition and rehabilitation orimprovement of residential housing and a mortgage loan insured or guaranteed bythe United States or an instrumentality thereof or for which there is acommitment by the United States or an instrumentality thereof to insure such amortgage. A mortgage obligation may be evidenced by a security document andsecured by a lien upon real property, including a deed of trust and land saleagreement. Mortgage also means an obligation evidenced by a security lien onreal property upon which an owner‑occupied mobile home is located.
(8) Mortgage lenders. Anybank or trust company, savings bank, national banking association, savings andloan association, or building and loan association, life insurance company,mortgage banking company, the federal government, and any other financialinstitution authorized to transact business in the State.
(9) Mortgagee. Theowner of a beneficial interest in a mortgage loan, the servicer for the ownerof a beneficial interest in a mortgage loan, or the trustee for a securitizedtrust that holds title to a beneficial interest in a mortgage loan.
(10) Obligations. Anybonds or bond anticipation notes authorized to be issued by the Agency underthe provisions of this Chapter.
(11) Persons and familiesof lower income. Persons and families deemed by the Agency to require suchassistance as is made available by this Chapter on account of insufficientpersonal or family income, taking into consideration, without limitation, (i)the amount of the total income of such persons and families available forhousing needs, (ii) the size of the family, (iii) the cost and condition ofhousing facilities available, (iv) the eligibility of such persons and familiesfor federal housing assistance of any type predicated upon a lower‑incomebasis, and (v) the ability of such persons and families to compete successfullyin the normal housing market and to pay the amounts at which private enterpriseis providing decent, safe, and sanitary housing and deemed by the Agencytherefore to be eligible to occupy residential housing financed wholly or inpart, with mortgages, or with other public or private assistance.
(12) Rehabilitation. Therenovation or improvement of residential housing by the owner of saidresidential housing.
(13) Residential housing. A specific work or improvement undertaken primarily to provide dwellingaccommodations for persons and families of lower income, including therehabilitation of buildings and improvements, and such other nonhousingfacilities as may be incidental or appurtenant thereto.
(14) State. The State ofNorth Carolina. (1969,c. 1235, s. 3; 1973, c. 1296, ss. 3‑6, 8‑14, 16, 17; 1975, c. 19,s. 42; 1977, c. 1083, s. 2; 1979, 2nd Sess., c. 1238, s. 1; 1981, c. 344, s. 1;1983, c. 148, s. 1; 2008‑107, s. 21.1(a).)