Pennsylvania Code › Title 12 - COMMERCE, TRADE AND LOCAL GOVERNMENT › Part I - General Administration › Subpart D - Housing Finance Agency › Chapter 31 - HOUSING FINANCE AGENCY › Subchapter A - GENERAL PROVISIONS › PRELIMINARY PROVISIONS › Section 31.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The definitions
						set forth in section 103 of the act (35 P. S. §
													1680.103) shall apply to this subpart unless
						a term is specifically defined in subsection (b) or unless the context clearly
						indicates otherwise.
(b) The
						following words and terms, when used in this subpart, have the following
						meanings, unless the context clearly indicates otherwise:
Act
-The Housing Finance Agency Law
						  (35
						  P. S. §§
														1680.101-1680.603a).
Affirmative action program
-A program
						  whereby the Agency imposes a duty upon applicants, developers, mortgagors,
						  contractors, subcontractors, marketing agents and managing agents to employ
						  minorities, minority business enterprises, females and female business
						  enterprises from submission of the preliminary application to the satisfaction
						  of the mortgage; such employment shall include, but not be limited to,
						  development team members.
Agency
-The Housing Finance
						  Agency.
Annual family income
-The total annual
						  income for a low and moderate income family from whatever source derived and
						  before taxes or withholdings, after deducting therefrom:
(i) An amount equal to $750 for each
						dependent, as defined in the Internal Revenue Code as family members.
(ii) Income of minors, as defined by the
						Internal Revenue Code, other than the chief wage earner.
(iii) An amount equal to $1,000 income of
						secondary wage earner not the principal wage earner, who is the individual
						making the most money.
(iv) The
						total family medical expenses minus 3.0 % of annual gross family income.
						Medical expenses are those expenses which are anticipated during the 12-month
						period for which the annual income is computed and which are not covered by
						insurance; however, premiums for such insurance may be deducted as medical
						expenses.
Applicant
-A corporation, partnership,
						  joint venture, trust, individual, public body or agency, or other entity making
						  application to receive Agency monies, assistance, or services under the
						  act.
Application
-A request for Agency
						  assistance under the act made on forms furnished by the Agency and containing
						  such information as the Agency requires.
Development team member
-Those
						  individuals, corporations, partnerships, joint ventures, or other entities
						  engaged by the applicant to perform professional or technical services which
						  are essential to the finance, design, construction, marketing, operation and
						  management of housing financed by the Agency.
Dwelling unit
-Living accommodations
						  within a housing project intended for residential occupancy by a single
						  family.
Family
-Includes any of the
						  following:
(1) Elderly persons as
						defined by the act.
(2) Two or more
						persons living together not contrary to law.
(3) A single person.
Female applicant
-A female individual
						  or a female business enterprise making application to receive Agency monies,
						  assistance, or services under the act.
Female business enterprise
-Any
						  business enterprise that is owned-at least 51%-or controlled by one or more
						  females; where the female business enterprise is a general partnership or a
						  limited partnership, the female general partner or partners must be entitled to
						  receive at least 50% of the syndication proceeds. Control means exercising
						  actual day-to-day management and policy decisions.
Majority
-A nonminority and
						  nonfemale.
Minority
-A United States citizen who
						  is one of the following:
(i) Black,
						not of Hispanic descent.
(ii)
						Hispanic.
(iii) American
						Indian.
(iv) Eskimo.
(v) Aleut.
(vi) Oriental.
Minority applicant
-A minority
						  individual or a minority business enterprise making application to receive
						  Agency monies, assistance, or services under the act.
Minority business enterprise
-Any
						  business enterprise that is owned-at least 51%-or controlled by one or more
						  minorities; where the minority business enterprise is a general partnership or
						  a limited partnership, the minority general partner or partners must be
						  entitled to receive at least 50% of the syndication proceeds. Control means
						  exercising actual day-to-day management and policy decisions.
Mortgage loan
-A loan authorized by
						  resolution of the Agency or by a mortgage loan commitment issued on behalf of
						  the Agency and made or to be made to an applicant for a housing project from
						  the proceeds of sale of the Agency's bonds or notes and any other available
						  funds for the purpose of providing construction financing or long-term
						  financing, or both, the repayment of which is secured or to be secured as
						  provided in the act.
Syndication proceeds
-The sum of any
						  compensation, fee, profits, money, and income which the general partners of a
						  partnership or a limited partnership are entitled to receive or the sum of any
						  profits, money, and income which any other business enterprise is entitled to
						  receive.