Connecticut Administrative Code › Title 8 - Zoning, Planning, Housing, Economic and Community Development › 336q - State Housing Trust Fund Program › Section 8-336q-1 - Definitions

Current through July 10, 2024
For the purposes of sections 8-336q-1 to 8-336q-5, inclusive, of the Regulations of Connecticut State Agencies:
(1) "Advisory Committee" means a committee appointed by the commissioner pursuant to section 8-366q(b) of the Connecticut General Statutes;
(2) "Affordability Gap" means the financing necessary to make rents or home prices affordable;
(3) "Appraisal Gap" means the difference between the appraised value of an owner-occupied single-family dwelling, not to exceed four (4) units in a single building after construction or renovations have been completed and total development cost. Financial assistance to close all of or a portion of the appraisal gap may be in the form of a developer's subsidy;
(4) "Authority" shall have the same meaning as provided in section 8-336m of the Connecticut General Statutes;
(5) "Commissioner" shall have the same meaning as provided in section 8-336m of the Connecticut General Statutes;
(6) "Department" shall have the same meaning as provided in section 8-336m of the Connecticut General Statutes;
(7) "Developer's Subsidy" means financial assistance to an eligible applicant which is intended to further the goals of the act by offsetting acquisition or construction costs and other related development costs in order to make rents or home prices affordable to low and moderate income families and persons;
(8) "Development Finance Gap" means the difference between the total development costs and the amount of financing available to produce the development;
(9) "Eligible applicant" or "applicant" means any "Eligible applicant" as defined in section 8-336m of Connecticut General Statutes;
(10) "Financial Assistance" means proceeds of the fund, which may be in the form of grants, recoverable grants, loans, loan guarantees, loan participations, equity investments, or other financing vehicles consistent with the Housing Trust Fund Program and as approved by the commissioner. Financial assistance may be used to support development investment, which shall include but not be limited to: predevelopment activities, site acquisition, bridge financing, construction financing or permanent financing. Funds may also be used to support programs that further the development goals established by the Housing Trust Fund Program;
(11) "Housing", "housing development" or "development" means "Housing", "housing development" or "development" as defined in section 8-336m of the Connecticut General Statutes and shall include mixed-income developments and mixed-use developments;
(12) "Housing Trust Fund" or "fund" means the "Housing Trust Fund" established under section 8-336o of the Connecticut General Statutes;
(13) "Housing Trust Fund Program" or "program" means the "housing trust fund program" developed and administered under Chapter 137e of the Connecticut General Statutes;
(14) "Individual Development Account" or "IDA" means "Individual development account" as defined in section 31-51ww of the Connecticut General Statutes;
(15) "Low and moderate income families and persons" shall have the same meaning as provided in section 8-336m of the Connecticut General Statutes;
(16) "Municipal developer" shall have the same meaning as provided in section 8-336m of the Connecticut General Statutes;
(17) "Owner-occupied single-family dwelling" means residential housing consisting of one of the following: four or less units, condominium, cooperative, or manufactured or mobile home. The homeowner shall occupy the property as his primary residence;
(18) "Primary Purpose" means a majority of the units are for low and moderate-income families and persons and shall include, but not be limited to, mixed-use developments;
(19) "Secretary" shall have the same meaning as provided in section 8-336m of the Connecticut General Statutes; and
(20) "Treasurer" shall have the same meaning as provided in section 8-336m of the Connecticut General Statutes.