Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 60 - Housing Trust Fund Program › Subchapter 1 - General Provisions › Section 330:60-1-4 - 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, which 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.
"Awardee"
means any Person receiving OHTF
				  Funding through OHFA.
"Control" (including the terms "Controls",
				  "Controlling", "Controlled By", and/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.
"Extremely low-income"
means a household whose
				  total annual income does not exceed thirty percent (30%) of median household
				  income for the area as determined by HUD, with adjustments for household
				  size.
"Homeless and Chronically Homeless"
means the
				  definition(s) as set by HUD and which may be updated from time to time.
"Housing Trust Fund Documents" (including the terms
				  "Documents", and "OHTF Documents")
means and may include, but is not
				  limited to, the written agreement, loan agreement, promissory note, and OHTF
				  Application Packet.
"HUD"
means the United States Department of
				  Housing and Urban Development.
"Land"
means the site(s) for each building in
				  the Development.
"Low-income"
means a household whose total
				  annual income does not exceed eighty percent 80% of the median household income
				  for the area as determined by HUD, with adjustments for household size.
"Moderate-income"
means a household whose total
				  annual income does not exceed one hundred twenty percent (120%) of the median
				  household income for the area as determined by HUD, with adjustments for
				  household size.
"OHFA"
means Oklahoma Housing Finance Agency, a
				  State beneficiary public trust.
"OHTF Application Packet"
means the Application
				  and accompanying forms developed periodically by OHFA staff.
"OHTF Funds" (including the term "Funds" or
				  "Funding")
means any monies for the OHTF Program.
"OHTF Program" (including the term "Program")
means the Oklahoma Housing Trust Fund Program.
"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, Community Housing Development
				  Organization (CHDO), 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. Supp 1997,
				  Sections 2901.1-2901.4, as amended.
"Term of Affordability"
means the length of time
				  a Development or Activity must satisfy the OHTF requirements as determined in
				  the OHTF Application Packet.
"Trustees"
means the Board of Trustees of
				  OHFA.
"Very low-income"
means a household whose total
				  annual income does not exceed fifty percent (50%) of median household income
				  for the area as determined by HUD, with adjustments for household
				  size.
Added at 16 Ok Reg 2910,
				  eff 7-12-99; Amended at 21 Ok Reg 2322, eff 8-1-04; Amended at 21 Ok Reg 2596,
				  eff 7-18-05