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-30-00-2.1 - DEFINITIONS

Current through June 14, 2024
A. "Additional Financing" means new or additional financing provided by the Corporation to some or all Applicants to be secured by a lien on the Housing Development.
B. "Applicant" means Owner and Transferee, if any, submitting Preservation Applications pursuant to this Part.
C. "Available Proceeds" means funds available for distribution as calculated by the Corporation pursuant to this Part.
D. "Board of Commissioners" means the Board of Commissioners of the Corporation.
E. "Closing Date" means the date on which Available Proceeds are distributed pursuant to this Part.
F. "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.
G. "Executive Director" means the Executive Director of the Corporation.
H. "Housing Assistance Payment Contracts" means housing assistance payment contracts executed pursuant to Section 8 of the United States Housing Act of 1937,  42 U.S.C. §
											1437  et seq.
I. "Housing Development" means a multi-family housing project which has been financed in whole or in part by the Corporation; is subject to a mortgage lien in favor of the Corporation as of the effective date of this Part; or receives rental subsidy payments pursuant to an existing Housing Assistance Payment Contract administered by the Corporation on the effective date of this Part.
J. "HUD" means the Department of Housing and Urban Development of the United States of America.
K. "Mortgage Loan" means the loan issued by the Corporation to finance the Housing Development in whole or in part.
L. "Operating Account" means the funds of a Housing Development available to pay the costs of its day-to-day operations.
M. "Operating Reserve Fund" means the existing Operating Reserve Fund maintained for the Housing Development on the Closing Date.
N. "Owner" means the owner of a Housing Development, or a lessee of all or substantially all of a Housing Development.
O. "Prepayment" means the prepayment of the entire or any portions of the outstanding balance of the Mortgage Loan, (whether or not, made in connection with a sale, conveyance, assignment or other transfer of the Housing Development,) and regardless of the source of funds for the prepayment, which under the terms of the Mortgage Loan or pursuant to applicable state or federal laws or rules or regulations, requires the prior approval of the Corporation.
P. "Preservation Application" means an application submitted pursuant to this Part in connection with a distribution of Available Proceeds.
Q. "Preservation Program" means the program established by this Part to maintain existing Housing Developments as affordable to persons and families of low income.
R. "Preservation Trust" means a separate trust or other entity created and/or controlled by the Corporation to further the preservation and provision of low-income housing in the State of Rhode Island; the funds of which may, but need not be, used by the trustees thereof to provide financial assistance to a Housing Development, but in all instances may only be used in connection with the preservation or provision of housing in the State affordable to persons and families of low-income.
S. "Program Bulletin" means any bulletin issued by the Corporation from time to time implementing the Preservation Program or resolving any ambiguity in this Part with respect to the Preservation Program. Copies of all Program Bulletins shall be maintained by the Corporation at its principal office, and shall be available for inspection and copying between the hours of 9:00 a.m. and 5:00 p.m. on Mondays through Fridays, except holidays.
T. "Replacement Reserve Fund" means the existing Replacement Reserve Fund (including the Painting and Decorating Reserve Account, if any) maintained for the Housing Development on the Closing Date.
U. "Residual Receipts" means funds maintained in Residual Receipts accounts established by or at the direction of the Corporation for Housing Developments.
V. "Tax Credits" means low income housing tax credits issued by the Corporation for a Housing Development pursuant to the Corporation's regulations applicable to the Allocation of Low Income Housing Tax Credits, as amended from time to time (the "Tax Credit Regulations").
W. "Transfer" means a transfer of a Housing Development within the meaning of the Corporation's Regulations Governing Proposed Transfers, as amended from time to time (the "Transfer Regulations").
X. "Transferee" means the individual or entity to which an Owner proposes to Transfer a Housing Development.