Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this chapter shall
				  have the following meanings, unless the context clearly indicates
				  otherwise:
"Applicant" means the individual applying for a mortgage
				  credit certificate.
"Authority" means the Virginia Housing Development Authority,
				  a political subdivision of the Commonwealth of Virginia constituting a public
				  instrumentality.
"Certificate credit rate" has the meaning set forth in IRC
				  § 25.
"Certified indebtedness" has the meaning set forth in IRC
				  § 25. It is the loan or portion thereof that the applicant uses to acquire
				  his principal residence and that, in the determination of the authority, meets
				  the requirements of IRC § 25 and will be used in calculating the amount of
				  the potential tax credit under the MCC.
"Commitment" means the obligation of the authority to provide
				  a mortgage credit certificate to an eligible applicant pursuant to an approved
				  application.
"Commitment term" means the period of time during which the
				  applicant must close on his loan to be entitled to a mortgage credit
				  certificate pursuant to his commitment.
"Executive director" means the executive director of the
				  authority or any other officer or employee of the authority who is authorized
				  to act on behalf of the executive director or the authority pursuant to a
				  resolution of the board of the authority.
"Internal Revenue Code" or "IRC" means Title 26 of the United
				  States Code, as the same may be amended from time to time.
"Loan" means any extension of credit that finances the
				  purchase of and will be secured by a principal residence.
"Mortgage credit certificate" or "MCC" means a certificate
				  issued by the authority pursuant to IRC § 25.
"Participating lender" means any person or organization that
				  is legally authorized to engage in the business of making loans for the
				  purchase of principal residences and meets the qualifications in this chapter
				  to participate in the programs.
"Principal residence" means a dwelling that will be occupied
				  as the primary residence of the purchaser, that will not be property held in a
				  trade or business or as investment property, that is not a recreational or
				  second home, and no part of which will be used for any business purposes for
				  which expenses may be deducted for federal income tax purposes.
"Program" means a qualified mortgage credit certificate
				  program as defined in IRC § 25, in particular IRC §
				  25(c)(2)(A).
"Private activity bonds" has the meaning set forth in IRC
				  § 141.
"Qualified home improvement loan" has the meaning set forth
				  in IRC § 143(k)(4).
"Qualified mortgage bond" has the meaning set forth in IRC
				  § 143.
"Qualified rehabilitation loan" has the meaning set forth in
				  IRC § 143(k)(5).
"Qualified veteran's mortgage bond" has the meaning set forth
				  in IRC § 143.
Statutory Authority: §
											36-55.30:3
					 of the Code of Virginia.