9-4-903 - Definitions.
9-4-903. Definitions.
As used in this part the following words and terms have the following meanings, unless adifferent meaning clearly appears from the context:
(1) "Bonds," "notes," and "other obligations" mean any bonds, notes, debentures, interimcertificates, or other evidences of financial indebtedness of the corporation authorized to beissued under the provisions of this part.
(2) "Construction loan" means a short-term advance of money for the purpose ofconstructing residential housing for low and moderate income persons.
(3) "Corporation" means the Utah Housing Corporation created by Section 9-4-904,which, prior to July 1, 2001, was named the Utah Housing Finance Agency.
(4) "Employee of the corporation" means any individual who is employed by thecorporation but who is not a trustee of the corporation.
(5) "Financial assistance" includes:
(a) a loan, whether interest or noninterest bearing, secured or unsecured;
(b) a loan that converts to a grant upon the occurrence of specified conditions;
(c) a development loan;
(d) a grant;
(e) an award;
(f) a subsidy;
(g) a guarantee;
(h) a warranty;
(i) a lease;
(j) a payment on behalf of a borrower of an amount usually paid by a borrower, includinga down payment;
(k) any other form of financial assistance that helps provide affordable housing for lowand moderate income persons; or
(l) any combination of the foregoing.
(6) "Housing development" means a residential housing project, which includesresidential housing for low and moderate income persons.
(7) "Housing sponsor" includes a person who constructs, develops, rehabilitates,purchases, or owns a housing development that is or will be subject to legally enforceablerestrictive covenants that require the housing development to provide, at least in part, residentialhousing to low and moderate income persons, including a local public body, a nonprofit, limitedprofit, or for profit corporation, a limited partnership, a limited liability company, a joint venture,a subsidiary of the corporation, or any subsidiary of the subsidiary, a cooperative, a mutualhousing organization, or any other type of entity or arrangement that helps provide affordablehousing for low and moderate income persons.
(8) "Interest rate contract" means interest rate exchange contracts, interest rate floorcontracts, interest rate ceiling contracts, and other similar contracts authorized in a resolution orpolicy adopted or approved by the trustees.
(9) "Local public body" means the state, any municipality, county, district, or othersubdivision or instrumentality of the state, including redevelopment agencies and housingauthorities created under Part 6.
(10) "Low and moderate income persons" means persons, irrespective of race, religion,creed, national origin, or sex, as determined by the corporation to require such assistance as is
made available by this part on account of insufficient personal or family income taking intoconsideration factors, including:
(a) the amount of income that persons and families have available for housing needs;
(b) the size of family;
(c) whether or not a person is a single head of household;
(d) the cost and condition of residential housing available; and
(e) the ability of persons and families to compete successfully in the normal privatehousing market and to pay the amounts at which private enterprise is providing decent, safe, andsanitary housing.
(11) "Mortgage lender" means any bank, trust company, savings and loan association,credit union, mortgage banker, or other financial institution authorized to transact business in thestate, any local public body, or any other entity, profit or nonprofit, that makes mortgage loans.
(12) "Mortgage loan" means a loan secured by a mortgage, which loan may bear interestat either a fixed or variable rate or which may be noninterest bearing, the proceeds of which areused for the purpose of financing the construction, development, rehabilitation, or purchase ofresidential housing for low and moderate income persons, including low and moderate incomepersons who are first-time homebuyers, single heads of household, elderly, homeless, ordisabled.
(13) "Mortgage" means a mortgage, deed of trust, or other instrument securing amortgage loan and constituting a lien on real property (the property being held in fee simple or ona leasehold under a lease having a remaining term, at the time the mortgage is acquired, of notless than the term for repayment of the mortgage loan secured by the mortgage) improved or tobe improved by residential housing, creating a lien which may be first priority or subordinate.
(14) "Rehabilitation" includes the reconstruction, rehabilitation, improvement, and repairof residential housing.
(15) "Residential housing" means a specific work or improvement within this stateundertaken primarily to provide dwelling accommodations, including land, buildings, andimprovements to land and buildings, whether in one to four family units or multifamily units, andother incidental or appurtenant nonhousing facilities, or as otherwise specified by the agency.
(16) "State" means the state of Utah.
(17) "State housing credit ceiling" means the amount specified in Subsection 42(h)(3)(C)of the Internal Revenue Code for each calendar year.
Amended by Chapter 319, 2001 General Session