Code of Maine Rules › 99 - INDEPENDENT AGENCIES › 346 - MAINE STATE HOUSING AUTHORITY › Chapter 30 - SINGLE FAMILY HOME IMPROVEMENT LOAN PROGRAMS › Section 346-30-1 - 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
.
B.
				"Applicant" means the individual, municipality or entity applying for funds
				governed by this rule. Depending on the Program design, an Applicant will be
				(i) a Low or Moderate Income Person who owns and occupies a Single Family Home
				or (ii) a party who seeks to provide administrative functions or other services
				for the benefit of Low or Moderate Income Persons who own and occupy a Single
				Family Home.
C. "Beneficiary" means
				a Low or Moderate Income Person who owns and occupies a Single Family Home
				improved with funds governed by this rule.
D. "Director" means the director of
				MSHA.
E. "Funding Commitment" means
				MSHA's official notification to an Applicant indicating that its application
				has been approved and stating the terms of a prospective financing.
F. "General Mortgage Purchase Bond
				Resolution" means a resolution adopted by MSHA on February 4, 1972, as amended
				and supplemented, which authorizes MSHA to issue bonds for the purchase of
				first lien single-family and multifamily mortgages.
G. "Governmental Entity" means a state or
				federal agency or instrumentality.
H. "HOME Investment Partnerships Act" means
				Title II of the Cranston-Gonzales National Affordable Housing Act, as amended,
				42 U.S.C.
				12701,
et seq.
, and the HOME
				Investment Partnerships Program Final Rule, 24 C.F.R. Part 92, published
				September 16, 1996 with May 28, 1997 technical corrections and August 22, 1997
				amendments.
I. "Low or Moderate
				Income Persons" means persons or families whose income is lower than limits
				established by MSHA for a particular Program, based on criteria determined by
				MSHA which may include without limitation market conditions, interest rates,
				availability of housing, geography, family size, and need.
J. "MSHA" means the Maine State Housing
				Authority, a body corporate and politic and an instrumentality of the State of
				Maine, and its agents, contractors, and employees duly authorized to act on its
				behalf.
K. "Program" means an
				offering of mortgage financing in the form of amortizing debt, forgivable
				loans, grants, or a combination of the foregoing available to prospective
				eligible Applicants and Beneficiaries on certain terms and for certain purposes
				determined by MSHA pursuant to this rule.
L. "Program Guide" means the written
				procedural and administrative guide for a particular Program governed by the
				terms and conditions of this rule.
M. "Project" means a Single Family Home owned
				by a Low or Moderate Income Person and improved or to be improved with funds
				pursuant to a Program.
N.
				"Recipient" means an Applicant who has received a Funding Commitment.
O. "Single Family Home" means a one, two,
				three or four unit owner-occupied residence.
P. "State Housing Bond" means the general
				fund bond issued by the State of Maine pursuant to Private and Special Laws,
				2001, Chapter 35, in the amount of $12,000,000 to address the affordable
				housing crisis in the State.