Rhode Island Code of Regulations › Title 860 - Housing Resources Commission › Chapter 00 - N/A › Subchapter 00 - N/A › Part 1 - Rules and Regulations Governing the Building Homes Rhode Island Program (860-RICR-00-00-1) › Section 860-RICR-00-00-1.3 - Definitions

Current through June 14, 2024
A. For the purposes of these regulations, the
				 following terms shall have the following meanings:
1. "Act" means the Rhode Island Housing
				 Resources Commission Act of 1998 more particularly set forth in R.I. Gen. Laws
				 Chapter 42-128, as amended.
2.
				 "Affordable" means, in the case of a rental unit, a rent including utility
				 costs, not to exceed 30% of the monthly income of a family with a gross annual
				 income of 80% of Median Family Income; and, in the case of a home for sale to
				 an Eligible Buyer, a sales price resulting in a monthly cost that does not
				 exceed 30% of the monthly income of a family with a gross annual income of 120%
				 of Median Family Income including the monthly cost of principal, interest,
				 taxes, insurance, and condominium fees, if applicable.
3. "Approved affordable housing plan" means a
				 plan prepared and adopted by a town or city to meet requirements of R.I. Gen.
				 Laws Chapter 45-53 or to meet the requirements of R.I. Gen. Laws §
											45-22.2-10(f) 
				 that has been reviewed and approved by the director of administration pursuant
				 to R.I. Gen. Laws §
											45-22.2-9.
4. "Approved monitoring agent" means a
				 monitoring agent approved by Rhode Island Housing.
5. "Capacity" means demonstrated experience
				 in successfully implementing financially sound housing programs as well as the
				 ability to provide or coordinate necessary supportive services if
				 applicable.
6. "Chair" means the
				 Chair of the Rhode Island Housing Resources Commission, or designee.
7. "Commission" means the State of Rhode
				 Island Housing Resources Commission, a public corporation existing under the
				 Rhode Island Housing Resources Act of 1998, R.I. Gen. Laws §
											42-128-1.
8. "Complete application" means an
				 application submitted to the Commission including all completed application
				 forms and certifications and meeting all eligibility requirements.
9. "Development" means a property which will
				 provide apartments or for sale homes for eligible individuals and families and
				 includes unit(s), site(s), or an entire building. Development includes all the
				 activities associated with the site and building.
10. "Development budget" means the sources
				 and uses budget submitted with a Proposal by an Eligible Developer. The
				 Development Budget shall set forth in reasonable detail to the satisfaction of
				 the Commission all estimated costs and expenses of the Development and sources
				 to finance the Development through the lease-up and/or sale of the
				 Development.
11. "Eligible buyer"
				 means a family, individual, or unrelated persons living together with a gross
				 annual income that does not exceed 120% of the Median Family Income.
12. "Eligible renter" means a family,
				 individual, or unrelated persons living together whose gross annual income does
				 not exceed 80% of Median Family Income.
13. "Eligible developer" means:
a. any State department or agency,
				 municipality, recognized tribe, public housing authority or redevelopment
				 authority, or corporation lawfully created and located in the State of Rhode
				 Island;
b. any organization exempt
				 from state and federal income taxation which has as one of its organizational
				 purposes to provide housing and related facilities and services;
c. any partnership or joint venture that
				 includes participation by an entity described in §
												1.3(A)(13)(b)     of this Part; or
d. any for-profit
				 entity.
14. "Eligible
				 property" means any
a. undeveloped real
				 estate or vacant lot;
b. developed
				 properties containing one or more vacant buildings;
c. developed properties containing one or
				 more occupied but blighted or dilapidated buildings;
d. properties containing non-residential
				 buildings to be converted to residential use; or any combination of such
				 properties.
15. "Family"
				 means a household with or without children.
16. "HUD" means the United States Department
				 of Housing and Urban Development.
17. "Income" shall be defined as gross annual
				 income which includes but is not limited to: gross wages, salaries, overtime
				 pay, commissions, fees, tips, bonuses, public assistance, retirement and
				 pension benefits, Workmen's Compensation, Temporary Disability Insurance,
				 Supplemental Security Income (SSI), and interest income from assets.
18. "Loan documents" shall mean collectively,
a. the program agreement,
b. the mortgage,
c. the regulatory agreement,
d. the promissory note, and
e. all other agreements, documents and
				 instruments executed and delivered in connection with the financing of the
				 Development.
19.
				 "Low/Mod Act" means the requirements at R.I. Gen. Laws Chapter 45-53.
20. "Median family income" means the
				 published median family income of the area, as determined by the United States
				 Department of Housing and Urban Development, adjusted for family
				 size.
21. "Mixed-use development"
				 means developments that incorporate commercial/retail space with residential
				 units.
22. "Mixed income"
				 development means any combination of market-rate and/or affordable or
				 subsidized units in a development.
23. "Operating budget" means a budget
				 projecting the costs and expenses associated with the physical day-to-day
				 operation of the site(s) and building(s) through the period of the financing.
				 Examples of these costs and expenses include, but are not limited to:
				 utilities; taxes and insurance; maintenance; repairs and capital
				 reserves.
24. "Operating cost"
				 means costs associated with the day-to-day operation of a Development. Some
				 examples include: maintenance and repair, operations staff, taxes, utilities,
				 equipment, supplies and insurance.
25. "PHA" means Public Housing
				 Authority.
26. "Proposal" means any
				 eligible activity or group of activities necessary to implement a single
				 program or Development submitted to the Commission by an Eligible Developer for
				 participation in the Program.
27.
				 "Rhode Island Housing" means Rhode Island Housing and Mortgage Finance
				 Corporation, a public corporation organized and existing under R.I. Gen. Laws
				 Chapter 42-55, as amended.
28.
				 "Special needs" for the purpose of this program means any population requiring
				 specialized services and/or accommodations, including, but not limited to, the
				 homeless, disabled, veteran and elderly populations.
29. "Term of affordability" for the purpose
				 of this program means consistency with R.I. Gen. Laws §
											45-53-3(5) 
				 which requires that the housing shall remain affordable for a period of not
				 less than thirty (30) years.