Texas Administrative Code › Title 10 - COMMUNITY DEVELOPMENT › Part 1 - TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS › Chapter 28 - TAXABLE MORTGAGE PROGRAM › Section 28.2 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in this chapter,
				  shall have the following meanings unless the context or the Participation
				  Packet indicates otherwise. Other definitions may be found in Texas Government
				  Code, Chapter 2306; Chapter 1 of this title (relating to Administration); and
				  Chapter 2 of this title (relating to Enforcement).
(1) Applicable Median Family Income--The
				Department's determination, as permitted by Texas Government Code, §
									RSA
				2306.123, of the median income of an
				individual or family for an area using a source or methodology acceptable under
				federal law or rule. The Applicable Median Family Income, as updated from time
				to time, may be found on the Department's website in the "Combined Income and
				Purchase Price Limits Table."
(2)
				Applicant--A person or persons applying for financing of a Mortgage Loan under
				the Program.
(3) Areas of Chronic
				Economic Distress--Those areas in the state, whether one or more, designated
				from time to time as areas of chronic economic distress by the state and
				approved by the U.S. Secretaries of Treasury and Housing and Urban Development,
				respectively, pursuant to §143(j) of the Code.
(4) Code--The Internal Revenue Code of 1986,
				as amended from time to time.
(5)
				Department Designated Areas of Special Need--Geographic areas designated by the
				Department from time to time as areas of special need.
(6) Federal Housing Administration--A
				division of the U.S. Department of Housing and Urban Development, also known as
				FHA.
(7) Homebuyer--An Applicant
				that is approved by the Program and purchases a Residence.
(8) Master Mortgage Origination
				Agreement--The contract between the Department and a Mortgage Lender, together
				with any amendments thereto, setting forth certain terms and conditions
				relating to the origination and sale of Mortgage Loans by the Mortgage Lender
				and the financing of such Mortgage Loans by the Department.
(9) Mortgage Lender--The entity, as defined
				in §
									RSA
				2306.004 of the Texas Government Code,
				participating in the Program and signatory to the Master Mortgage Origination
				Agreement.
(10) Participation
				Packet--The application submitted to the Department by the proposed Mortgage
				Lender to participate in the Program.
(11) Program--The Taxable Mortgage
				Program.
(12) Regulations--The
				applicable proposed, temporary or final Treasury Regulations promulgated under
				the Code or, to the extent applicable to the Code, under the Internal Revenue
				Code of 1954, as such regulations may be amended or supplemented from time to
				time.
(13) Residence--A dwelling in
				Texas in which an Applicant intends to reside as the Applicant's principal
				living space. Has the same meaning as Home in Chapter 2306 of the Texas
				Government Code.
(14) Rural Housing
				Service--A division of the United States Department of Agriculture, also known
				as RHS.
(15) Targeted Area--A
				qualified census tract, as determined in accordance with
				§6(a)103A-(2)(b)(4) of the Regulations or any successor regulations
				thereto, or an Area of Chronic Economic Distress, or a Department Designated
				Area of Special Need. Applicants purchasing in Targeted Areas may have higher
				income limits as set forth in the "Combined Income and Purchase Price Limits
				Table" found on the Department's website.
(16) United States Department of Veterans
				Affairs--Also known as VA.