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 4 - Allocation of Low Income Housing Tax Credits (825-RICR-30-00-4) › Section 825-RICR-30-00-4.2 - DEFINITIONS

Current through June 14, 2024
"Act" means the Housing and Mortgage Finance Corporation Act more particularly set forth in R.I. Gen. Laws Chapter 42-55, as amended.
"Board of Commissioners" or "Board" means the Board of Commissioners of the Corporation.
"Corporation" means the Rhode Island Housing and Mortgage Finance Corporation, a public corporation organized and existing under the Act.
"Development" means a multi-family residential housing complex to be acquired, constructed, developed and/or rehabilitated by a Housing Sponsor. A Development may be a multi-family residential housing complex portions of which are located on non-contiguous parcels of land; provided, however, that each unit in a housing complex on non-contiguous parcels must be "rent restricted" as defined in 26 U.S.C. the Internal Revenue Code, or each parcel on which portions of such complex are located must meet the applicable 20-50 Test or the 40-60 Test, as set forth in  26 U.S.C. §
											142(d).
"Housing Sponsor" means corporations, individuals, joint ventures, partnerships, limited partnerships, trusts, firms, associations, or other legal entities or any combination thereof, whether organized for profit or not, qualified either to own, construct, acquire, develop or rehabilitate a Development.
"Low-Income Housing Tax Credits" means the low-income housing tax credits allowable against the federal income tax pursuant to  26 U.S.C. §§
											38 and  42.
"Low-Income Persons or Families" means persons or families whose income does not exceed the applicable percentages of the Area Median Gross Income as defined in  26 U.S.C. §
											142(d)  ("Tax Code"). Statistical data relating to Area Median Gross Income of Low-Income Persons or Families shall be made available to Housing Sponsors by Program Bulletin from time to time.
"Low-Income Rental Unit" means a unit, including single room occupancy and other units eligible for allocation of Tax Credits under the Tax Code, to be rented to Low-Income Persons or Families.
"Non-Profit Housing Sponsor" means a Housing Sponsor described in the Internal Revenue Code,  26 U.S.C. §§
											501(c)(3) or (4)  which is exempt from tax under  26 U.S.C. §
											501(a)  which has as one of its exempt purposes the fostering of low-income housing. Non-Profit Housing Sponsor also includes any other entity qualifying as such under the Tax Code
"Program Bulletin" means a bulletin issued by the Corporation implementing a section or sections of these Rules and Regulations. A request for an application to reserve Tax Credits pursuant to §
										4.4(B)     of this Part, may also constitute a Program Bulletin. Copies of all Program Bulletins shall be maintained by the Corporation at its principal office, and shall be available for inspection and copying during the hours of 9:00 a.m. to 5:00 p.m. on Mondays through Fridays, except holidays.
"Qualified Allocation Plan" shall have the meaning set forth in §
										4.4(B)     of this Part.
"Reservation Period" means any period during which the Corporation has requested and is reviewing applications for the reservation of Tax Credits.
"Special Reserve" shall have the meaning set forth in §
										4.4(C)     of this Part.
"Tax Code" means 26 U.S.C., the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations now or hereafter promulgated thereunder relating to Tax Credits.
"Tax Credit Program" means any program now in effect and as amended from time to time providing Tax Credits to taxpayers who acquire, develop, rehabilitate, construct or maintain dwelling units for Low-Income Persons or Families which program authorizes the Corporation to allocate or approve Tax Credits for such taxpayer's use.
"Tax Credits" mean the Low-Income Housing Tax Credits.
"Treasury Department" means the United States Department of the Treasury.