Code of Maine Rules › 99 - INDEPENDENT AGENCIES › 346 - MAINE STATE HOUSING AUTHORITY › Chapter 1 - HOME MORTGAGE PROGRAM RULE › Section 346-1-1 - Definitions

Current through 2024-29, July 17, 2024
A. "Act" means the
Maine Housing
				Authorities Act
,
				30-A M.R.S.A. §4701,
et seq
. as amended.
B. "Applicant" means one or more individuals
				who have applied for a Mortgage Loan, and any other individual who is expected
				both to live in the Eligible Residence and to be liable on the Mortgage
				Loan.
C. "Bond" means a bond of
				MaineHousing, the proceeds of which are used to purchase Mortgage
				Loans.
D. "Eligible Borrower" means
				an Applicant who meets certain criteria and thus may receive mortgage financing
				from Bond proceeds.
E. "Eligible
				Residence" means a residential housing structure which meets certain criteria
				and thus may be financed with Bond proceeds.
F. "Home Mortgage Program" means
				MaineHousing's use of revenues from Bond sales and other housing monies to
				reduce interest rates and other costs associated with the purchase of a home by
				low and moderate income households as set forth in this rule.
G. "Internal Revenue Code" means the
Internal Revenue Code of 1986
, as amended, including
				applicable rules and regulations proposed or promulgated thereunder.
H. "Lender" means a mortgage lending
				institution which originates or sells or originates and sells Mortgage Loans
				for MaineHousing's purchase.
I.
				"MaineHousing" means the Maine State Housing Authority.
J. "Mobile Home" means a single housing unit
				built after June 15, 1976 in accordance with the
National Manufactured
				Housing Construction and Safety Standards Act of 1974
,
				42 U.S.C.A. §
										5401,
et seq.,
and is on a
				permanent chassis and transportable in one or more sections which in the
				traveling mode are 12 body feet or more in width and when erected on site are
				600 or more square feet.
K.
				"Mortgage" means a written instrument which provides an Eligible Borrower's
				interest in an Eligible Residence as security for repayment of a loan made
				pursuant to this rule.
L. "Mortgage
				Loan" means an interest-bearing obligation which is secured by a Mortgage and
				provides permanent financing for an Eligible Residence.
M. "Mortgagor" means a person who receives a
				Mortgage Loan.
N. "Mortgage
				Purchase Agreement" means an agreement between MaineHousing and a Lender
				whereby MaineHousing agrees to purchase Mortgage Loans from the Lender in such
				form as may be prescribed by MaineHousing from time to time.
O. "New Home" means a previously unoccupied
				single-unit residence. A New Home does not include 2, 3 or 4 unit dwellings or
				Mobile Home.
P. "Procedural Guide"
				means the set of instructions, guidelines, terms and conditions for the
				origination of Mortgage Loans, the sale of Mortgage Loans to MaineHousing, and
				the servicing of Mortgage Loans provided by MaineHousing, as amended and
				supplemented.
Q. "Qualified
				Rehabilitation" means rehabilitation that satisfies the criteria of a qualified
				rehabilitation as set forth in § 143 of the
Internal Revenue
				Code
.
R. "Qualified
				Servicer" means a financial institution which has executed a Servicing
				Agreement with MaineHousing.
S.
				"Servicing Agreement" means an agreement between MaineHousing and a Qualified
				Servicer whereby the Qualified Servicer agrees to service Mortgage Loans
				purchased by MaineHousing, in such form as may be prescribed by MaineHousing
				from time to time.
T. "Targeted
				Area" means either a "qualified census tract" as defined in § 143 of
				the
Internal Revenue Code
or "an area of chronic economic
				distress" designated by MaineHousing and approved by the United States as set
				forth in § 143 of the
Internal Revenue Code
.