Code of Vermont Rules › Agency 80 - ADMINISTRATIVE AND ADVISORY AGENCIES › Sub-Agency 140 - HOUSING FINANCE AGENCY › Chapter 002 - LOANS-MULTI FAMILY HOUSING SPONSORS › Section 80 140 002 - LOANS-MULTI FAMILY HOUSING SPONSORS

Current through June, 2024
CHAPTER ONE SCOPE
			 AND DEFINITIONS
Section 1 Scope
These rules are made and published pursuant to section 621(12)
				and 624(b) of the Vermont Housing Finance Agency Act, being No. 260 of 1973
				(adjourned session), as amended, (the "Act") and relate to the providing of
				mortgage loans to qualified housing sponsors for the acquisition, construction
				and rehabilitation of multi-family developments primarily for occupancy by
				persons and families of low and moderate income.
Section 2 Definitions
All terms used herein and not otherwise defined shall have the
				same meanings as they have in the Act, as amended from time to time; provided,
				that no change in meaning resulting from an amendment to the Act shall be
				construed to affect adversely any action taken in reliance on the Act as it
				read prior to such amendment. Unless the context requires a different meaning,
				the following definitions shall apply.
1. "Agency" means the Vermont housing finance
			 agency created by the Act.
2.
			 "Bonds" means bonds, notes, or other obligations evidencing financial
			 indebtedness of the Agency and issued pursuant to the Act.
3. "Code" means the federal Internal Revenue
			 Code of 1986, as amended, including the regulations adopted thereunder from
			 time to time, or, if applicable, the Internal Revenue Code of 1954, as amended,
			 including the regulations adopted thereunder.
4. "Construction" means the creation or
			 addition of new residential housing of the conversion of existing structures to
			 residential housing;
5. "Land
			 value" means the appraised value of the land as determined by an appraiser
			 approved by the Agency; if purchased less than two years prior to the date of
			 application the purchase price of the land or the appraised value, whichever is
			 lower;
6. "Limited profit" refers
			 to the basis of organization of a housing sponsor. A housing sponsor is
			 organized on a limited profit basis if it organizational document, whether
			 directly or by reference to a controlling agreement, imposes significant
			 limitations on rental charges, builder's and developer's fees, the right of
			 disposition of the sponsor's property and franchise, or other sources of profit
			 as the Agency may determine on a case by case basis.
7. "Mortgage loan" means an interest-bearing
			 obligation secured by a mortgage or note or bond within the meaning of the
			 Act;
8. "Multi-Family development"
			 means a residential housing development, including, without limitation, mobile
			 home parks, containing dwelling units or mobile home lots intended for
			 occupancy pursuant to leasehold estate or cooperative ownership by persons and
			 families of low and moderate income as authorized by the Act, as from time to
			 time amended.
9. "Persons and
			 families of low and moderate income" includes persons and families so defined
			 from time to time by the Agency for purposes of its multi-family programs,
			 having due regard for changing economic conditions and the criteria set forth
			 in
			 10 V.S.A. §
												601(11).
10. "Regulatory agreement" means an agreement
			 by and between the Agency and the mortgagor, to be executed at the closing of
			 the mortgage loan, setting forth financial and management policies to be
			 followed by the mortgagor in the operation of a multi-family development
			 financed under the Act;
Section
			 3 Waivers
To the extent not required by the Act, the provisions of these
				rules may be waived by the Commissioners upon their determination that the
				application of such rules, in specific cases may result in undue
				hardship.
Section 4
			 Separability
If any word, phrase, sentence, paragraph, section or part of
				these rules is finally adjudge by a court of competent jurisdiction to be
				invalid, such judgement shall not affect, impair, or invalidate the remainder
				of these rules.