Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 80 - Housing Stability Program › Subchapter 1 - General Provisions › Section 330:80-1-4 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
Masculine words, whenever used in this Chapter, shall include the feminine and neuter, and the singular includes the plural, unless otherwise specified. The following words and terms, when used in this chapter, shall have the following meanings unless the context clearly indicates otherwise:
"Activity"
means any Development or eligible Funding Activity allowed under this Chapter's Rules.
"Affiliate"
means any Person that directly or indirectly through one (1) or more intermediaries, Controls, is Controlled By, or is Under Common Control With any other Person.
"Applicant"
means any Person and each Affiliate of such Person, who has submitted an Application to OHFA seeking Funding under this Chapter. Applicant includes the Owner, any other Person or entity having any right, title, or interest in the Development or Activity, and any other successors in interest.
"Application"
means an Application, in the form prescribed by OHFA, from time to time, including all exhibits and other materials filed by an Applicant with OHFA in support, or in connection with Funding under this Chapter. OHFA will solicit formal public input on the Application, and provide explanation of any significant changes. Staff will present the proposed Application to the Trustees for approval at a Trustee's meeting.
"Application Packet"
means the Application in the form prescribed by OHFA, together with instructions and such other materials provided by OHFA to any Person requesting the same for the purpose of seeking to obtain from OHFA any OHSP funding. "Awardee" means any Person receiving OHSP Funding through OHFA.
"Control"
(or
"Control"
or
"Controls"
or
"Controlling"
or
"Controlled by"
or
"Under Common Control With"
) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of any other Person, whether through an ownership interest in the other Person, by contract, agreement, understanding, designation, office or position held in or with the other Person or in or with any other Person, or by coercion, or otherwise.
"Development"
means the Land and one (1) or more buildings, structures, or other improvements now or hereafter constructed or located upon the Land. If more than one (1) building is to be part of the Development, each building must be financed under a common plan.
"Homebuilder Revolving Fund"
means a fund that shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies received by the OHFA from appropriations, donations, grants, or other sources of funding specifically designated for deposit to the Homebuilder Revolving Fund.
"Housing Stability Program Documents"
(or
"Documents"
or
"OHSP Documents"
) means and may include, but is not limited to, the written agreement, loan agreement, promissory note, and OHSP Application Packet.
"Land"
means the site(s) for each building in the Development.
"OHFA"
means Oklahoma Housing Finance Agency, a State beneficiary public trust.
"OHSP Application Packet"
means the Application and accompanying forms developed periodically by OHFA staff.
"OHSP Funds"
(or
"Funds"
or
"Funding"
) means any monies for the OHSP Program.
"Oklahoma Homebuilder Program"
means a loan program for homebuilders at interest rates as low as zero percent (0%), providing loans to build single family housing units.
"Oklahoma Housing Stability Program"
(or
"OHSP"
or
"Program"
) means the Oklahoma Housing Stability Program.
"Oklahoma Increased Housing Program"
means a program that shall help both developers and homebuyers; developers may apply for gap financing in building both single family and multi-family homes for rent across the state. Homebuyers may apply for a grant assisting in making their down payment in purchasing a home.
"Oklahoma Increased Housing Revolving Fund"
means a fund that shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies received by the OHFA from appropriations, donations, grants, or other sources of funding specifically designated for deposit to the Oklahoma Increased Housing Revolving Fund.
"Participating lender"
means any state bank, national banking association, savings and loan association, building and loan association, mortgage banker or other financial institution, or holding company thereof, or governmental agency which provides services for, or otherwise aids in, the financing of single family residences by means of mortgage loans and which is approved by OHFA.
"Person"
means, without limitation, any natural person, corporation, partnership, limited partnership, joint venture, limited liability company, limited liability partnership, trust, estate, association, cooperative, government, political subdivision (including, but not limited to, incorporated towns, cities, and counties, their trusts and authorities, and state trusts), agency or instrumentality, interlocal cooperative, nonprofit and for-profit organizations, Native American Tribes (including, but not limited to, housing authorities and trusts) or other organization of any nature whatsoever, and shall include any two or more Persons acting in concert toward a common goal, or any other legally recognized entity, or any combination of the foregoing acting in concert.
"State"
means the State of Oklahoma.
"State Statute"
means 74 O.S., Sections 2903.1-2903.5, as amended.
"Term of Affordability"
means the length of time a Development or Activity must satisfy the OHSP requirements as determined in the OHSP Application Packet.
"Trustees"
means the Board of Trustees of OHFA.