Connecticut Administrative Code › Title 8 - Zoning, Planning, Housing, Economic and Community Development › 214h - Limited Equity Cooperative/Mutual Housing Association Program › Section 8-214h-1 - Definitions

Current through July 10, 2024
The following definitions apply to Sections 8-214h-1 through 8-214h-17 of the Regulations of Connecticut State Agencies:
(a) "Adjusted Gross Income" means the gross income less allowable deductions.
(b) "Admission Income Limit" means the maximum income allowed for admission to a project.
(c) "Board of Directors" means the governing body of a limited equity cooperative or mutual housing association, which is comprised of elected representatives of the residents and may include non-residents.
(d) "Carrying Charge" means the amount, excluding any security deposits, membership fees or down payments, payable by each resident for occupancy of a dwelling unit, whether such dwelling unit is owned or operated on a landlord-tenant or home ownership basis or as a condominium or cooperative.
(e) "Commissioner" means the Commissioner of Housing.
(f) "Cooperative Member" means resident(s) or household of a limited equity cooperative project entitled to occupy a dwelling unit to the exclusion of others and who is entitled to vote at membership meetings of the cooperative project.
(g) "Department" means the Connecticut Department of Housing.
(h) "Dependent" means a member of the family who does not derive more than half of his or her total support for the calendar year from sources other than the family.
(i) "Developer" means a limited equity cooperative, mutual housing association or other nonprofit corporation incorporated pursuant to Chapter 600 of the Connecticut General Statutes, having as one of its purposes the construction, rehabilitation, ownership or operation of housing and having articles of incorporation approved by the Commissioner.
(j) "Equity Capital" means the amount contributed to a project by a mutual housing association through membership fees or grants obtained from sources other than the State.
(k) "Equity Interest" means a housing site, cash contribution or sweat equity, any of which must be approved by the Commissioner as part of the total project development cost to be furnished by a developer.
(l) "Family" means a household consisting of one or more persons.
(m) "Families of Low and Moderate Income" means families who lack the amount of income which is necessary, as determined by the Commissioner, to enable them, without financial assistance to live in decent, safe and sanitary dwellings, without overcrowding.
(n) "Financial Assistance" means grants, loans or any combination thereof provided for the purpose of developing a project(s) for which a contract is entered into by the State with a developer.
(o) "Full-time Student" means a student carrying a subject load considered full-time by an accredited educational institution attended. The institution may be a vocational school offering a diploma or certificate or an institution offering a high school diploma or college degree.
(p) "Gross Income" means the aggregate annual income of all family members residing in the dwelling unit from all sources, before any deductions.
(q) "Interim Loan" means a loan which provides funds necessary to develop a project at an interest rate to be determined in accordance with Subsection (t) of Section 3-20 of the Connecticut General Statutes. Such loan is due and payable following the cost certification of the project.
(r) "Limited Equity Cooperative" means a cooperative formed as a common interest community in which the real property is owned by the cooperative, each of whose members is entitled by virtue of his ownership interest in the cooperative to exclusive occupancy of a unit and whose declaration contains any restrictions on (1) the amount for which a unit may be sold, or (2) the amount that may be received by a cooperative member on the (A) sale or condemnation of, or casualty loss to, the unit or to the common interest community, (B) termination of the common interest community, or (C) abandonment or other termination of a cooperative member's right of occupancy of a unit.
(s) "Limited Equity Cooperative Project" or "Mutual Housing Association Project" or "Project" means any work or undertaking to provide decent, safe and sanitary dwelling units for families of low and moderate income which may include the planning of buildings and improvements, the acquisition of property, site preparation, demolition of existing structures, new construction or the rehabilitation of existing buildings. The project may also include the organizational development of and resident training for a limited equity cooperative or a mutual housing association.
(t) "Major Building Component" means roof structures, ceilings, wall or floor structures, foundations, or plumbing, heating or electrical systems.
(u) "Mortgage" means an interest in real property created by a written instrument providing a first lien of such property as security for repayment of a debt or obligation.
(v) "Mutual Housing Association" means a nonprofit corporation having as one of its purposes the construction, rehabilitation, ownership or operation of housing, or the prevention and elimination of neighborhood deterioration and the preservation of neighborhood stability, achieved by affording community and resident involvement in the provision of high quality, long-term housing for low and moderate income families in which residents (1) participate in the ongoing operation and management of such housing, (2) have the right to continue residing in such housing for as long as they comply with the terms of their occupancy agreement and (3) do not have an equity or ownership interest in such housing.
(w) "Permanent Loan" means a loan for a term not to exceed 50 years, in an amount which does not exceed the certified development cost of a project(s) and at an interest rate to be determined in accordance with Subsection (t) of Section 3-20 of the Connecticut General Statutes.
(x) "Rehabilitation" means repairs, replacements and improvements:.
(1) the cost of which exceeds 15% of the property's value after completion of all repairs, replacements and improvements; or.
(2) that include the replacement of at least one major building component.