North Carolina Administrative Code › Title 24 - INDEPENDENT AGENCIES › Chapter 01 - N.C. HOUSING FINANCE AGENCY › Subchapter A - GENERAL PROVISIONS › Section 01A .0104 - DEFINITIONS

Current through Register Vol. 39, No. 2, July 15, 2024
The following words and terms, unless their context shall
				  clearly indicate a different definition, shall be defined and mean as
				  follows:
(1) "Act" shall mean Chapter
				122A of the General Statutes of North Carolina, being known as the "North
				Carolina Housing Finance Agency Act."
(2) "Agency" shall mean the North Carolina
				Housing Finance Agency.
(3)
				"Applicant" shall mean a natural person or corporation or other appropriate
				legal entity making application to the agency to receive agency monies,
				assistance, or services under the act.
(4) "Application" means a request for agency
				assistance under the act made on forms provided by the agency.
(5) "Board of directors" shall mean the
				members of the Board of Directors of the North Carolina Housing Finance Agency
				constituted pursuant to North Carolina
				G.S.
				122A-4.
(6) "Executive director" shall mean the
				person serving as Executive Director of the North Carolina Housing Finance
				Agency pursuant to North Carolina
				G.S.
				122A-4.
(7) "Deed of trust" shall mean a mortgage
				deed, deed of trust or other security instrument which shall constitute a first
				lien in the state on real property and improvements.
(8) "VA" shall mean Veteran's
				Administration.
(9) "FHA" shall
				mean Federal Housing Administration.
(10) "FNMA" shall mean the Federal National
				Mortgage Association.
(11) "FHLMC"
				shall mean the Federal Home Loan Mortgage Corporation.
(12) "Lender" shall mean any financial
				institution which is an FHA or VA approved mortgagee, or an approved
				seller-servicer of FNMA or FHLMC, and which is authorized to do business in the
				State of North Carolina.
(13)
				"Mortgage loan" shall mean an interest-bearing obligation secured by a deed of
				trust for financing the ownership by a person or family of single family
				residential housing occupied by such person or family as its primary
				residence.
(14) "Mortgagor" shall
				mean the original borrower under a mortgage loan and the heirs, executors,
				administrators and assigns.
(15)
				"Qualified insurer" shall mean any private mortgage insurer approved by the
				agency and qualified to provide insurance on mortgage loans purchased by the
				FHLMC or FNMA.
(16) "Rural Areas"
				shall include rural counties and rural cities. Rural counties are counties
				which are not part of a Metropolitan Statistical Area (MSA) or do not contain
				at least one third of the population of a city with a population in excess of
				20,000. Rural cities are incorporated cities containing less than 10,000
				people.
(17) "Urban Areas" shall
				include urban counties and urban cities. Urban counties are counties which are
				part of a Metropolitan Statistical Area (MSA) or counties containing more than
				one third of the population of an incorporated city with a population in excess
				of 20,000. Urban cities are incorporated cities of 10,000 or more, and for
				purposes of financing using agency proceeds, the extraterritorial planning
				district of an urban city will be considered as part of the urban city for
				income limit determination.
(18)
				"Metropolitan Cities" shall include incorporated cities of 100,000 or more
				population; and for purposes of financing using agency proceeds, the
				extraterritorial planning district of a metropolitan city and the Metropolitan
				Statistical Area (MSA) in which the metropolitan city is located, will be
				considered as part of the metropolitan city for income limit
				determination.
(19) "Distressed
				Counties" shall mean those counties in the Appalachian region of the state that
				have been designated by the Appalachian Regional Commission (ARC) as priority
				areas for funding consideration in the state's annual investment program, based
				on per capita income, unemployment, poverty, and infant mortality
				rates.
(20) "Subsidized Housing
				Program" shall mean housing that receives federal and/or state assistance in
				any form, in addition to tax-exempt bond financing.
(21) "Unsubsidized Housing Program" shall
				mean housing that receives no federal and/or state assistance other than
				tax-exempt bond financing.
(22)
				"Mobile Home" shall mean a multi-section manufactured home conforming to either
				applicable state or local building codes or the Federal Mobile Home
				Construction and Safety Standards (Title VI, Housing and Community Development
				Act of 1974) with a minimum width of 20 feet, a roof pitch of 2 inches per 12
				inches, constructed with aluminum, wood or brick exterior facade which is
				permanently affixed to a permanent foundation with a grade level beneath the
				mobile home at or above the 100 year return frequency flood elevation, which is
				located on an individually owned lot or in a condominium, PUD or DeMinimus PUD
				subdivision and which is taxed as real estate, not personal property. For the
				purpose of this definition, permanently attached shall mean that the towing
				hitch or running gear, including the wheels and axles, has been removed from
				the mobile home and the home has been permanently affixed to a conventional
				foundation (including basement, crawl space and slab types of foundations) or
				permanently affixed to piers and ports with a perimeter skirting in geographic
				areas of North Carolina in which piers and ports are typical, as evidenced by a
				real estate appraisal, and the piers and ports are located below the normal
				frost line. Words and terms defined in the act have the same meaning when used
				in these Rules and Regulations as are ascribed to them in the act, and the
				definitions in the act of such words and terms are incorporated herein by
				reference.
Authority
				  G.S.
				  122A-3;
				  122A-5;
Eff. May 28,
				  1976;
Amended Eff. July 2, 1981;
Transferred from T15:
				  14 Eff. December 1, 1981;
Amended Eff. September 1, 1984; March 1,
				  1984; May 1, 1983;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. September 23,
				  2017.