reglab/statecodes huggingface dataset:
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 20 - Rules Relative to Single-Family Loan Programs › Subchapter 00 - N/A › Part 1 - Mortgage Finance Programs (825-RICR-20-00-1) › Section 825-RICR-20-00-1.4 - ELIGIBILITY CRITERIA

Current through June 14, 2024
1.4.1
Qualifications of Borrowers
A. Tax Act and Program Requirements. A condition to continued eligibility in the Program is the continued use of the Dwelling as a primary permanent residence. Borrowers and occupants of cooperative housing corporations, as applicable, shall be required to execute an affidavit evidencing an intent to continue to use and occupy the Dwelling as a primary permanent residence throughout the term of the Mortgage Loan and such other affidavits and certifications as may be required by the Corporation in order to provide evidence of compliance with the Tax Act and the requirements of the Program.
B. Income Limitations. For each Program, the Corporation shall by Program Bulletin establish limitations with respect to the Aggregate Family Income of Borrowers and occupants of cooperative housing developments. For Mortgage Loans to be financed with tax-exempt Bond Proceeds, the limitations shall be based on percentages of the median family income for the Providence, Rhode Island metropolitan statistical area as established by the Department of Housing and Urban Development or such other limitations as may be permitted under the Tax Act. For all other Mortgage Loans, the limitation shall, at the option of the Corporation, be the higher of:
1. the income limitation established for Mortgage Loans set forth above or
2. the limitations based on the average family or household income for the State of Rhode Island as determined annually by the Corporation.
C. Program Extension; Reallocation of Set Asides. Notwithstanding any other provision herein contained, if the Corporation has Bond Proceeds or other funds remaining after the expiration of the term of any set aside originally made from such proceeds or funds, the Corporation may, in its sole discretion, cause the Program to be made available to such persons as the Corporation may from time to time determine by Program Bulletin. Funds set aside for Targeted Areas (as defined in the Tax Act) may be reallocated by the Corporation after the expiration of one (1) year from the date such funds are initially available.
D. Asset Test. The Corporation may from time to time by Program Bulletin include an asset test as an additional condition to eligibility for receipt of a Mortgage Loan, Special Housing Assistance (as defined in §
											1.7(H)     of this Part) or for any other type of assistance provided hereunder to a Borrower or any class of Borrowers.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 20 - Rules Relative to Single-Family Loan Programs › Subchapter 00 - N/A › Part 1 - Mortgage Finance Programs (825-RICR-20-00-1) › Section 825-RICR-20-00-1.5 - TARGETED AREAS

Current through June 14, 2024
Targeted Areas. The Corporation shall from time to time designate Targeted Areas for special set asides of Bond Proceeds as required by the Tax Act. Targeted Areas shall include census tracts in the State in which at least seventy percent (70%) of the families have an Aggregate Family Income which is eighty percent (80%) or less of the statewide median family income and any "Areas of Chronic Economic Distress" which may hereafter be designated for the State in accordance with criteria set forth in the Tax Act. The designation of Targeted Areas will be established by the Corporation's Board of Commissioners at a regular or special meeting from time to time. Areas removed from Targeted Area designation shall also be similarly determined.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 20 - Rules Relative to Single-Family Loan Programs › Subchapter 00 - N/A › Part 1 - Mortgage Finance Programs (825-RICR-20-00-1) › Section 825-RICR-20-00-1.6 - PARTICIPATION BY MORTGAGE LENDERS, SERVICERS AND OTHER THIRD PARTIES

Current through June 14, 2024
A. Application by Mortgage Lender. To request to participate in a Program, a lending institution shall submit an application which may be obtained by writing or telephoning the Corporation at its principal office located at 44 Washington Street, Providence, Rhode Island 02903.
B. Qualifications. To qualify as a Mortgage Lender, an institution must make residential mortgage loans in the regular, usual and ordinary course of business and must be an approved FNMA or FHLMC seller/servicer or otherwise be approved by the Corporation as having the capability and experience necessary to originate loans responsibly in furtherance of the purposes of the Program.
C. Mortgage Purchase Agreement. If the application is accepted, the Mortgage Lender shall enter into a Mortgage Purchase Agreement in form prescribed by the Corporation which shall set forth the manner and terms of sale of Mortgage Loans. The Mortgage Purchase Agreement shall contain, in addition to such other terms and conditions as the Corporation may establish:
1. penalty provisions in the event a Mortgage Lender fails to originate Mortgage Loans in accordance with the rules and regulations of the applicable Program and
2. provisions respecting the repurchase of non-qualifying Mortgage Loans by Mortgage Lenders. Mortgage Lenders will be required to carry out the Mortgage Purchase Agreement in accordance with the procedures established by the Corporation.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 20 - Rules Relative to Single-Family Loan Programs › Subchapter 00 - N/A › Part 1 - Mortgage Finance Programs (825-RICR-20-00-1) › Section 825-RICR-20-00-1.7 - QUALIFIED MORTGAGE LOANS

Current through June 14, 2024
A. Mortgage Loan Terms. Mortgage Loans purchased by the Corporation shall comply with the terms of the Mortgage Purchase Agreement and any requirements set forth in any Program Bulletin. The Mortgage Purchase Agreement may contain provisions concerning the security for the loan, insurance, escrow payments, late charges, prepayment penalties, if any, deficiencies, defaults, priority of liens, maintenance of the Dwelling and such other terms and conditions as are customary to protect the interests of institutions engaged in making residential mortgage loans and as the Corporation may deem prudent to ensure compliance with the Act, the Tax Act and this Part. In addition, Mortgage Lenders shall comply with truth-in-lending, equal opportunity and other applicable state and federal laws and regulations. In order to ensure that the benefits of the Program are limited to eligible Borrowers, the Corporation may, in Mortgage Loan documents, establish limitations on the assumability of Mortgage Loans, prevent the assumption of Mortgage Loans, provide for acceleration in the event the Borrower ceases to use the Dwelling as a primary permanent residence, restrict the transfer of shares or membership certificates owned by members of a cooperative housing corporation and/or of real estate owned by a cooperative housing corporation receiving financing under this Part and require the recording of charges and restrictions on real estate securing a Mortgage Loan.
B. Right to Demand Explanation. Any person who is refused a Mortgage Loan by a Mortgage Lender may, in writing, demand a written explanation from the Mortgage Lender as to the specific reasons for the refusal. The Mortgage Lender shall comply with such demand within thirty (30) days after the date of receipt of such demand.
C. Interest Rate.
1. The interest rate on Qualified Mortgages for each Program shall be determined from time to time by the Board of Commissioners taking into consideration the cost of funds, prevailing market conditions, the need to provide funds to subsidize the interest rates for particular Mortgage Loans and the ability of Borrowers to make payments on Mortgage Loans applied for. The Corporation may also offer write-downs from the established interest rate for Qualified Mortgages made in Targeted Areas or to otherwise carry out the purposes of the Act.
2. In accordance with the terms of the Qualified Mortgage loan documents, where the Corporation has written down the interest rate on a Qualified Mortgage, the Corporation may require a Borrower to reimburse the Corporation for the difference between the write-down and the prevailing Program interest rate if the Dwelling is sold, conveyed or otherwise transferred within four (4) years after the Closing of the Mortgage Loan.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 20 - Rules Relative to Single-Family Loan Programs › Subchapter 00 - N/A › Part 2 - Mortgage Credit Certificate Program (825-RICR-20-00-2) › Section 825-RICR-20-00-2.1 - PROGRAM EXPLANATION AND PURPOSES

Current through June 14, 2024
Rhode Island Housing and Mortgage Finance Corporation has been designated with authority under the Tax Act to issue Mortgage Credit Certificates ("MCCs") to qualified Borrowers. Generally, MCCs entitle qualified Borrowers to a credit (the "Credit") against their Federal income tax as a percentage of the interest paid on a Mortgage Loan. Under current law, the amount of the Credit shall not exceed the amount of federal income tax paid by the Borrower in the year in which the Credit is taken, but Credits may be carried forward and offset against federal income taxes for a period of three (3) years. Borrowers will apply for Credits through participating Mortgage Lenders, and will be issued an MCC by the Corporation provided that the requirements of the Tax Act and MCC Program have been satisfied.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 20 - Rules Relative to Single-Family Loan Programs › Subchapter 00 - N/A › Part 2 - Mortgage Credit Certificate Program (825-RICR-20-00-2) › Section 825-RICR-20-00-2.3 - PROCEDURES

Current through June 14, 2024
A. Application Process. Applications for Credits shall be made by Borrowers with participating Mortgage Lenders, and will be considered by the Corporation on a first come first served basis. The Corporation will maintain and make available to the public a list of participating Mortgage Lenders as revised from time to time.
B. Reservation of Credits.
1. The Corporation will allocate Credits to Borrowers using a reservation system. At the time of application for a Mortgage Loan, each Mortgage Lender will make a preliminary determination as to whether the Borrower qualifies under the MCC Program. If it is initially determined that the Borrower so qualifies, the Mortgage Lender shall request the Corporation to reserve Credits for the Borrower in such manner as may be established by the Corporation from time to time. The Corporation will provide the Mortgage Lender written confirmation (the "Confirmation") of the reservation. Credits shall be reserved by the Corporation for a period of time, as may be established from time to time by Program Bulletin, after delivery of the Confirmation (the "Reservation Period"). The Mortgage Lender shall promptly notify the Corporation of any changes impacting Borrower's eligibility under the MCC Program. The Corporation may cancel any reservation if the Closing does not occur during the Reservation Period, or if the Corporation determines that changed circumstances render the Borrower ineligible under the MCC Program.
2. The Mortgage Lender shall thereafter, but in any event at least five (5) business days prior to the Closing, promptly deliver to the Corporation such affidavits, documents, certifications, tax returns, employment information and other materials and data (the "MCC Document") as the Corporation may require to make an initial eligibility determination together with the non-refundable fee set forth in §
											2.6(C)     of this Part. An MCC shall be issued by the Corporation after receipt of documents, affidavits and certifications signed by the Borrower and/or the seller, as applicable, at the Closing which are required by the Corporation to evidence compliance with the Tax Act and MCC Program requirements.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 20 - Rules Relative to Single-Family Loan Programs › Subchapter 00 - N/A › Part 2 - Mortgage Credit Certificate Program (825-RICR-20-00-2) › Section 825-RICR-20-00-2.5 - TARGETED AREAS

Current through June 14, 2024
Designation of Targeted Areas. The Corporation shall from time to time by Program Bulletin designate targeted areas ("Targeted Areas") for which income and acquisition cost limits may be different than for other areas of the State, and other MCC Program requirements may be waived by the Corporation by Program Bulletin, if the Tax Act so provides. Communities removed from Targeted Area designation, if any, shall also be designated by Program Bulletin.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 20 - Rules Relative to Single-Family Loan Programs › Subchapter 00 - N/A › Part 2 - Mortgage Credit Certificate Program (825-RICR-20-00-2) › Section 825-RICR-20-00-2.6 - PARTICIPATION BY MORTGAGE LENDERS

Current through June 14, 2024
A. Application by Mortgage Lender. To participate in the MCC Program, a lending institution shall submit an application to the Corporation (containing such information as the Corporation may establish by Program Bulletin) which may be obtained by writing or telephoning the Corporation at its principal office located at 44 Washington Street, Providence, Rhode Island 02903. If the application is approved, such institution shall enter into an MCC Participation Agreement in form prescribed by the Corporation which shall set forth procedures for the issuance of MCCs to Borrowers, reporting requirements and other obligations of the Mortgage Lender. All Mortgage Lenders approved by the Corporation under the Single Family Program Regulations prior to the effective date of these Regulations shall be deemed to be qualified as Mortgage Lenders under the MCC Program but shall be required to execute an MCC Participation Agreement should they elect to participate in the MCC Program.
B. Qualifications. To qualify as a Mortgage Lender, the institution must make residential mortgage loans in the regular, usual and ordinary course of business and must be an approved FNMA or FHLMC seller/servicer or otherwise be approved by the Corporation as having the capability and experience necessary to originate loans responsibly in furtherance of the purposes of the MCC Program.
C. Administrative Fees.
1. Each Mortgage Lender shall pay to the Corporation a non-refundable administrative fee in an amount established by Program Bulletin for each reservation of Credits. Such fee shall be submitted with the MCC Documents, and may be recovered by the Mortgage Lender from the Borrower at any time during the Mortgage Loan application process or at the closing.
2. In addition, each Mortgage Lender may collect a fee from Borrowers for its own account at the Closing to cover its own administrative costs. The amount of such fee shall not exceed an amount established by Program Bulletin. The fee may be collected at any time during the Mortgage Loan application process or at the Closing. The amount of the fees that may or shall be charged under the MCC Program may be increased or decreased by Program Bulletin from time to time.
3. Nothing contained in these Regulations shall be deemed to prohibit or limit a Mortgage Lender from charging application fees, appraisal fees, points and other fees customarily charged by financial institutions to borrowers applying for Mortgage Loans. The Corporation may charge Mortgage Lenders fees for participation in the MCC Program as established from time to time by Program Bulletin. Fees charged by the Corporation and by Mortgage Lenders in connection with the MCC Program may not exceed those allowable under the Tax Act.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 20 - Rules Relative to Single-Family Loan Programs › Subchapter 00 - N/A › Part 2 - Mortgage Credit Certificate Program (825-RICR-20-00-2) › Section 825-RICR-20-00-2.7 - MISCELLANEOUS

Current through June 14, 2024
A. Consistency with Tax Act. These Regulations are intended to be interpreted consistently with the provisions of the Tax Act. To the extent there is an inconsistency between these Regulations and the Tax Act, the provisions of the Tax Act shall control. Should any amendment to the Tax Act require amendment to any provision of these Regulations, such provision of these Regulations shall be deemed to have been amended upon the effective date of the amendment to the Tax Act without any further action on the part of the Corporation.
B. Termination of the MCC Program. The Board of Commissioners reserves the right to modify or terminate the MCC Program at any time.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 1 - Rental Housing Production and Rehabilitation Program (825-RICR-30-00-1) › Section 825-RICR-30-00-1.1 - PROGRAM PURPOSES

Current through June 14, 2024
A. Objectives of Program.
1. The Corporation has determined that there exists a compelling need to provide decent, safe and sanitary housing and assisted living facilities for persons and families of low and moderate income residing in the State of Rhode Island and long term affordability to the residents of such housing, and to prevent the loss of this State's existing supply of Federally Insured or Assisted Housing units and the displacement of Low Income Persons and Families arising as a result of the conversion of such housing to market rate rental properties and condominiums.
2. The Rental Housing Production and Rehabilitation Program (the "Program") offers financial incentives to Housing Sponsors that preserve, develop, construct, produce or rehabilitate Housing Developments.
3. This Part sets forth the criteria established by the Corporation to determine which Housing Developments will be eligible for various financing alternatives under the Program, and shall be construed and applied so as to accomplish the objectives of providing mortgage financing Housing Developments in the State of Rhode Island.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 1 - Rental Housing Production and Rehabilitation Program (825-RICR-30-00-1) › Section 825-RICR-30-00-1.2 - CONSTRUCTION OF RULES AND REGULATIONS

Current through June 14, 2024
Construction with Act, Tax Act and Housing Trust Fund Legislation. Unless otherwise defined herein or unless a different meaning is required from the context in which they are used herein, all words and terms used in this Part are as defined in the Act, the Tax Act and the Housing Trust Fund Legislation.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 1 - Rental Housing Production and Rehabilitation Program (825-RICR-30-00-1) › Section 825-RICR-30-00-1.3 - DEFINITIONS

Current through June 14, 2024
A. "Act" means the Housing and Mortgage Finance Corporation Act more particularly set forth in R.I. Gen. Laws Chapter 42-55, as amended.
B. "Affiliated Person of a Housing Sponsor" means:
1. if the Housing Sponsor is a Partnership, any individual or corporate general partner or any limited partner which has an ownership interest of 25% or greater;
2. if the Housing Sponsor is a joint venture, each joint venturer, the general partners thereof and each limited partner of each joint venturer which has an ownership interest of 25% or greater;
3. if the Housing Sponsor is a corporation, any officer, director or shareholder owning 10% or greater of the voting stock issued and outstanding; and
4. if the Housing Sponsor is a trust, any trustee thereof or a beneficiary with a 25% or greater interest therein.
5. An "Affiliated Person of a Housing Sponsor" shall also mean any shareholder of a corporate general partner or joint venturer of a Housing Sponsor owning 10% or greater of the voting stock issued and outstanding of such corporation.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 1 - Rental Housing Production and Rehabilitation Program (825-RICR-30-00-1) › Section 825-RICR-30-00-1.4 - DEVELOPMENTS ELIGIBLE FOR FINANCING

Current through June 14, 2024
A. Eligible Developments. To be eligible for financing under the Program, a Development shall:
1. be located within the State of Rhode Island;
2. be available to the general public;
3. except with respect to spaces in a mobile or manufactured home park, provide a permanent structure for year-round residential non-transient use served or to be served, in the opinion of the Corporation, by adequate storm, waste removal, telephone, gas, electricity and water service;
4. comply with applicable state and local building and health codes, the Corporation's design and construction criteria and guidelines (the "Design Guidelines"), and applicable requirements of the Tax Act;
5. comply with the Corporation's income targeting requirements set forth in §
											1.1(B)     of this Part;
6. except as provided below, be constructed on land which is not in a base flood elevation (100-year flood) ("Base Flood Elevation") as determined by the Corporation in accordance with the most current Flood Insurance Rate Map issued by the Federal Emergency Management Agency; and
7. comply with other applicable requirements of law, as they may be amended from time to time, including, but not limited to, for an Assisted Living Facility, obtaining a license from the Rhode Island Department of Health, if required.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 1 - Rental Housing Production and Rehabilitation Program (825-RICR-30-00-1) › Section 825-RICR-30-00-1.5 - APPLICATION PROCESS

Current through June 14, 2024
A. Requests for Proposals. The Corporation will request Proposals from Housing Sponsors at such times as the Corporation may establish from time to time by Program Bulletin. With the approval of the Corporation, the review and approval of Proposals submitted during a particular Funding Period may be carried over into a future Funding Period or periods. Notwithstanding the foregoing, the Corporation will consider Proposals submitted at any time and from time to time after the expiration of a Funding Period to the extent that funds allocated to such period are still available, provided such Proposals otherwise comply with this Part.
B. Receipt of Proposals. Proposals may be submitted to the Corporation during Regular Business Hours. A Proposal shall be deemed received as of the date the Corporation determines that the Proposal contains the information necessary to conduct the Corporation's preliminary review.
C. Review of Proposals and Evaluation Criteria.
1. The Corporation seeks to maximize the availability of affordable rental housing in the State of Rhode Island and to use monies allocated for that purpose efficiently. Accordingly, the Corporation will give priority to Proposals which:
a. utilize other available funding resources such as Community Development Block Grants, Stuart McKinney Funds and other federal funds, foundation grants and grants of real estate by state and municipal governments and agencies;
b. request less than the maximum Targeted Loan Fund Loan allowable under this Part and Program Bulletins;
c. utilize the Tax Credit (defined in §
												1.11     of this Part) in a cost-effective manner;
d. creatively respond to the needs of Low Income Persons or Families that are physically handicapped;
e. provide rental housing to families rather than individuals in furtherance of the Corporation's Program goals, recognizing that such a goal may not be applicable to Assisted Living Facilities;
f. are located in areas that do not have low income housing;
g. are competitive on a per unit development cost basis; and
h. contain extended long-term affordability provisions.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 1 - Rental Housing Production and Rehabilitation Program (825-RICR-30-00-1) › Section 825-RICR-30-00-1.6 - FEES

Current through June 14, 2024
A. Application Fee. A non-refundable Application Fee shall be payable to the Corporation by a Housing Sponsor upon submission of a Proposal for initial review by staff. The Application Fee shall be established from time to time by Program Bulletin and may be reduced for non-profit Housing Sponsors.
B. Loan Submission Fee. Each Housing Sponsor shall pay to the Corporation a non-refundable Loan Submission Fee in an amount to be established from time to time by Program Bulletin upon submission of the information and documentation required by staff to complete the evaluation of the Proposal prior to final action by the Board of Commissioners.
C. Loan Origination Fee. Each Housing Sponsor shall pay to the Corporation at the Initial Loan Closing, a loan origination fee with respect to a Mortgage Loan or a Targeted Loan Fund Loan in an amount to be established from time to time by Program Bulletin.
D. Annual Servicing Fee. In addition to the interest charged on the Mortgage Loan at the rate established by the Corporation, each Housing Sponsor shall be required to pay to the Corporation an annual servicing fee based on percentages of the total initial principal indebtedness of the Housing Sponsor to the Corporation under the Program. The amount of such fee shall be .375% of such initial principal indebtedness where the same is $1,000,000 or less, .25% on the excess, if any, above $1,000,000 up to and including $4,000,000 and .125% on the excess, if any, above $4,000,000.
E. Increases or Decreases in Fees; Other Fees. The Corporation may in its discretion increase or decrease the amount of any fee set forth in §§
										1.6(A) through (D)     of this Part by Program Bulletin, and require a Housing Sponsor to pay additional fees which have been charged to the Corporation by bond insurers and financial institutions providing credit enhancement for bonds issued to fund a Development or Developments under the Program or which otherwise arise as a result of bond financing or direct borrowing from the Federal National Mortgage Association and/or the Federal Home Loan Bank or for other appropriate purposes as may be established from time to time by Program Bulletin and applied uniformly.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 1 - Rental Housing Production and Rehabilitation Program (825-RICR-30-00-1) › Section 825-RICR-30-00-1.10 - CONTINUING USE OF DEVELOPMENT AS MULTIFAMILY RENTAL HOUSING

Current through June 14, 2024
A. Use as Rental Property. Each Development, other than Assisted Living Facilities financed under the Program shall continue to meet the 20 50 Test or the 40 60 Test during the qualified project period as such period is defined in the Tax Act at  26 U.S.C. §
											142(d)(2). Each Assisted Living Facility financed under the Program shall continue to meet the 100-10 Test for a period of not less than fifteen years. Notwithstanding the foregoing, in the event that Targeted Loan Funds are utilized for an Assisted Living Facility, the period of affordability required for the units funded by Targeted Loan Funds shall be not less than 30 years, and, further, in the event that any other affordability restrictions apply as a result of other funding provided for a Development, those restrictions shall also apply.
B. Limited Commercial Use. Each Development financed with taxable bonds or Corporation reserve funds may, if approved by the Corporation, contain up to twenty-five percent (25%) of its total square footage, and with respect to Assisted Living Facilities, up to thirty-five percent (35%) of its total square footage, dedicated to commercial usage. The amount of commercial space in a Development finance with tax-exempt bonds shall not exceed applicable limitations in the Tax Act. No monies from the Housing Trust Fund shall be used for any purposes other than those purposes set forth in the Housing Trust Fund Legislation.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 1 - Rental Housing Production and Rehabilitation Program (825-RICR-30-00-1) › Section 825-RICR-30-00-1.11 - TAX CREDITS

Current through June 14, 2024
Under the Tax Act, tax credits may be available to Housing Sponsors that acquire, construct, develop, produce or rehabilitate Developments that satisfy the low income targeting requirements set forth in the Tax Act at  26 U.S.C. §
											42. Whether or not a multifamily housing development for rental to persons of low and moderate income is financed with funds of the Corporation, the Corporation shall have sole and exclusive authority to allocate tax credits among Housing Sponsors in accordance with the provisions of the Tax Act. The allocation of Tax Credits shall be determined in accordance with procedures established in separate Rules and Regulations of the Corporation, as the same may be amended from time to time.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 1 - Rental Housing Production and Rehabilitation Program (825-RICR-30-00-1) › Section 825-RICR-30-00-1.12 - EQUAL OPPORTUNITY AND AFFIRMATIVE ACTION POLICY

Current through June 14, 2024
The Corporation actively encourages participation by minority and female owned businesses as owners, developers, contractors, suppliers, subcontractors, architects, engineers, management agents and other vendors participating in the Development. Housing Sponsors shall comply with the rules and regulations of the Corporation applicable to Equal Opportunity and Affirmative Action Procedures, Part 10-00-2 of this Title, as such rules and regulations may be amended from time to time.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 1 - Rental Housing Production and Rehabilitation Program (825-RICR-30-00-1) › Section 825-RICR-30-00-1.13 - FINANCING

Current through June 14, 2024
The Corporation intends to issue bonds and other debt instruments to provide funds to finance Developments under the Program. Nothing in this Part is intended to limit the instruments which may be issued (whether taxable or nontaxable), or the manner in which the same may be secured or sold. Types of financing instruments may include, without limitation, construction loan notes, bond anticipation notes or bonds issued to provide either or both temporary or permanent financing. In addition to the foregoing, funds may be provided to finance Developments from Corporation reserves.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 1 - Rental Housing Production and Rehabilitation Program (825-RICR-30-00-1) › Section 825-RICR-30-00-1.14 - SPECIAL PROVISIONS REGARDING CORPORATE GOVERNANCE OF MUTUAL HOUSING ASSOCIATIONS AND LIMITED EQUITY HOUSING COOPERATIVES

Current through June 14, 2024
A. Pursuant to R.I. Gen. Laws §
										42-55.1-3(b)(4)  the Corporation hereby promulgates the following standards and requirements with respect to corporate governance of Mutual Housing Associations and Limited Equity Housing Cooperatives applying for financing under the Program. The Corporation may supplement such standards and requirements by Program Bulletin from time to time.
1. Mutual Housing Associations. Mutual Housing Associations shall be Rhode Island non-profit corporations, as defined in the Housing Trust Fund Legislation, organized under and subject to the provisions of the Rhode Island Non-Profit Corporation Act, as the same may be amended from time to time. Each Mutual Housing Association shall have as one of its corporate purposes the prevention and elimination of neighborhood deterioration and the preservation of neighborhood stability by affording community and resident involvement in the provision of high quality, long term housing for low and moderate income families. The Articles of Incorporation of each Mutual Housing Association seeking funding from the Corporation shall be subject to approval of the Corporation's Executive Director during the application process.
2. Limited Equity Housing Cooperatives. Limited Equity Housing Cooperatives shall be Rhode Island non-profit corporations, organized under and subject to the provisions of the Rhode Island Non-Profit Corporation Act and R.I. Gen. Laws §
											7-6.1-1 et seq., as they may be amended from time to time.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 2 - Preservation of Existing Section 8-Assisted Housing Developments (825-RICR-30-00-2) › Section 825-RICR-30-00-2.2 - SCOPE OF REGULATIONS

Current through June 14, 2024
A. Purpose. The Preservation Program established under this Part is intended to provide Owners and Transferees with incentives to maintain Housing Developments as affordable housing for a period of forty (40) years beyond any current use restrictions for persons and families of low-income and to further the economic viability of such Housing Developments. This Part establishes certain procedures to obtain, and certain conditions for the grant of, the Corporation's approval of Prepayments of Mortgage Loans, Additional Financing, distributions of Residual Receipts, and the allocation of Tax Credits, which are intended to further these objectives.
B. Applicability. An Owner or Transferee seeking the Corporation's approval of a Prepayment, Additional Financing, a distribution of Residual Receipts, or an allocation of Tax Credits shall fully comply with all provisions in this Part. To the extent that a Prepayment is to be effectuated in connection with a transfer of a Housing Development within the meaning of the Corporation's regulations governing Proposed Transfers; an application is submitted for financing to provide the funds for the Prepayment or Additional Financing pursuant to the Corporation's Rental Housing Production and Rehabilitation regulations (the "Rental Production Regulations"); an application for Tax Credits pursuant to the Tax Credit Regulations is submitted to the Corporation; and/or the proposed transactions are otherwise governed by other rules or regulations of the Corporation, the provisions of such regulations shall also apply to the proposed transaction. In the event that any provision of other rules and regulations of the Corporation conflicts with the provisions, the provisions in this Part shall control, unless otherwise deemed necessary by the Corporation to accomplish the purposes of all applicable rules and regulations.
C. Conformance with State and Federal Law. In addition to complying with the rules and regulations of the Corporation, Owners and Transferees must at all times comply with all applicable state and federal laws, rules and regulations, and must obtain all approvals and consents, and take all such other actions in connection with the proposed transactions as required by such laws, rules and regulations. Any provision of this Part which expressly conflicts with any state or federal law, or federal rule or regulation, as determined by the Corporation, shall be of no force or effect.
D. Modification or Waiver. The Corporation reserves the right to modify or waive any provision of this Part with respect to any Preservation Application if the Corporation, in its sole judgment, determines that such modification or waiver is consistent with and will further the purposes of this Part.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 2 - Preservation of Existing Section 8-Assisted Housing Developments (825-RICR-30-00-2) › Section 825-RICR-30-00-2.3 - APPLICATION PROCEDURE

Current through June 14, 2024
A. Generally. As provided herein, an Owner shall submit to the Corporation a Notice of Intent. The Corporation shall calculate and notify the Owner of the estimated Available Proceeds which would be distributable to the Owner and/or the Transferee from the Housing Development in the event of consummation of the proposed transactions identified in the Notice of Intent. If the Owner wishes to proceed with the proposed transactions, the Owner shall submit a Preservation Application to the Corporation (jointly with the Transferee, if any), on forms provided by the Corporation. One-half of the Available Proceeds shall be distributed to the Preservation Trust (as hereinafter defined) to be used to provide and maintain affordable housing for persons and families of low income within the State of Rhode Island. The Owner and/or Transferee, if any, shall receive the balance of the Available Proceeds. The Owner of Transferee shall agree to maintain the Housing Development as housing affordable to persons and families of low-income for a period of forty (40) years beyond any current use restrictions and to certain other restrictions designed to preserve affordable housing.
B. Notice of Intent.
1. Submission of Notice of Intent. The Owner shall submit to the Corporation a completed Notice of Intent together with the Processing Fee specified below, to notify the Corporation of the proposed transactions to which this Part applies. The Notice of Intent shall contain such provisions as the Corporation shall determine from time to time, including, without limitation, a description of the proposed transactions, specifying the Owner's current intention to retain or Transfer the Housing Development.
2. Documentation and Agreements. Simultaneously with the submission of the Notice of Intent (unless otherwise specified herein or agreed to by the Corporation), the Owner shall submit to the Corporation:
a. Certification of Authority. Evidence of corporate or partnership authority of the Owner and the officers or agents acting on Owner's behalf, satisfactory to the Corporation in form and substance and certified to by the appropriate officer or agent to be validly adopted and in full force and effect; and
b. Additional Documents. Such additional documents agreements and certificates as the Corporation may, from time to time, require.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 2 - Preservation of Existing Section 8-Assisted Housing Developments (825-RICR-30-00-2) › Section 825-RICR-30-00-2.4 - APPLICATION

Current through June 14, 2024
A. Submission Deadline. Within one hundred and twenty (120) days from the date of receipt by the Owner of the Initial Determination of Available Proceeds, Applicant must submit a completed Preservation Application to the Corporation, together with all documentation, certificates and agreements as may be required by the Corporation. Applicants failing to do so within such period, unless otherwise agreed to by the Corporation in writing, must reinitiate the application process (including the payment of a Processing Fee). The Preservation Application shall in part specify the proposed transactions the Applicant wishes to pursue, which may be different from those originally identified in the Notice of Intent. The Preservation Application shall be submitted as part of any application to the Corporation for a Transfer, Additional Financing or Tax Credits, for a Housing Development, and all such applications shall be submitted to the Corporation together with a completed Preservation Application.
B. Required Documentation. Documentation to be submitted together with a completed Preservation Application shall include, but not be limited to:
1. information regarding the experience and qualifications of the Applicant as requested by the Corporation on a case by case basis;
2. any documentation or information necessary to update or correct the Assessment Material and certification by Applicant satisfactory to the Corporation of the accuracy of the Assessment Material, as supplemented or corrected;
3. certification by Applicant of the existence and continued validity of all necessary approvals, together with evidence thereof satisfactory to the Corporation; and
4. in the event that the Preservation Application is submitted together with an application under the Rental Production Regulations, the Transfer Regulations or the Tax Credit Regulations, any other documentation and information required by such regulations.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 2 - Preservation of Existing Section 8-Assisted Housing Developments (825-RICR-30-00-2) › Section 825-RICR-30-00-2.5 - CALCULATION AND DISTRIBUTION OF AVAILABLE PROCEEDS

Current through June 14, 2024
A. Final Calculation and Distribution. The Corporation shall calculate the actual amount of the Available Proceeds in accordance with §
										2.3(H)     of this Part, as of the Closing Date. On the Closing Date, the Corporation shall distribute the Available Proceeds as follows:
1. An amount not to exceed the Operating Reserve Fund and the Replacement Reserve fund shall be distributed to the Applicant from Available Proceeds;
2. One-half of the balance of the Available Proceeds to the Applicant as specified in the Preservation Application; and
3. The balance to the Preservation Trust. The portion of the Available Proceeds distributed to the Preservation Trust may be deemed distributed first from Residual Receipt and reserve account funds included in the calculation of Available Proceeds, to the extent available.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 2 - Preservation of Existing Section 8-Assisted Housing Developments (825-RICR-30-00-2) › Section 825-RICR-30-00-2.7 - TERMINATION OR SUSPENSION OF THE PRESERVATION PROGRAM

Current through June 14, 2024
The Corporation may terminate or suspend the Preservation Program at any time.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 3 - Proposed Prepayments or Transfers (825-RICR-30-00-3) › Section 825-RICR-30-00-3.1 - DEFINITIONS

Current through June 14, 2024
A. "Board of Commissioners" means the Board of Commissioners of the Corporation.
B. "Corporation" means the Rhode Island Housing and Mortgage Finance Corporation, a public corporation organized and existing under the laws of the State of Rhode Island.
C. "Executive Director" means the Executive Director of the Corporation.
D. "Housing development" means a multi-family housing project which has been financed in whole or in part by the Corporation and which is subject to a mortgage lien in favor of the Corporation.
E. "Housing development improvement plan" means a plan submitted to the Corporation by the Owner and/or the Proposed Transferee to improve a Housing Development.
F. "HUD" means the Department of Housing and Urban Development of the United States of America.
G. "Mortgage loan" means the loan issued by the Corporation to finance the Housing Development in whole or in part.
H. "Owner" means the owner of a Housing Development, or a lessee of all or substantially all of a Housing Development.
I. "Preliminary approval letter" means a letter sent by the Corporation to an Owner stating that the Board of Commissioners has preliminarily approved a Transfer or Prepayment.
J. "Prepayment" means a payment of the entire outstanding principal balance of the Mortgage Loan made at any time during the term of the Mortgage Loan prior to the date on which such principal would be due and payable thereunder; provided that a prepayment of principal of a Mortgage Loan made pursuant to the Corporation's Preservation Program established under the regulations governing Preservation of Section 8-A ssisted Developments (as set forth in Part 2 of this Subchapter) shall not constitute a Prepayment hereunder.
K. "Principal" means, with respect to an Owner or Proposed Transferee:
1. if a Partnership, any individual or corporate general partner or any limited partner which has an ownership interest of twenty-five percent (25%) or greater,
2. if a corporation, any officer, director or shareholder owning ten percent (10%) or more of the voting stock issued and outstanding and
3. if a trust, any trustee thereof or a beneficiary with a twenty-five percent (25%) or greater interest therein.
Rhode Island Code of Regulations › Title 825 - Housing and Mortgage Finance Corporation › Chapter 30 - Rules Relative to Multifamily Loan Programs › Subchapter 00 - N/A › Part 3 - Proposed Prepayments or Transfers (825-RICR-30-00-3) › Section 825-RICR-30-00-3.2 - SCOPE OF REGULATIONS

Current through June 14, 2024
A. Transfers to which these regulations apply.
1. A Transfer is deemed to take place, and these regulations apply, upon the occurrence of any of the following events:
a. A sale, conveyance, assignment or transfer of:
(1) A Housing Development;
(2) The right to receive rents or profits from a Housing Development; or
(3) A Substantial Interest in an Owner.