Definitions for rental housing projects

The following terms as used in this subpart shall have the following meanings unless a different meaning clearly appears from the context: "Eligible project" means a rental housing project that: (1) Is financed by the corporation pursuant to subpart B or D, or that the corporation determines will require rental assistance to make it financially feasible; (2) Is subject to a regulatory agreement with the corporation; (3) Maintains at least twenty per cent of its units for eligible tenants; and (4) Meets other qualifications as established by rules adopted by the corporation. Notwithstanding any provision to the contrary, "eligible project" may also include a rental housing project that is financed by the corporation pursuant to subpart A. "Eligible tenant" means a family or an individual whose income does not exceed eighty per cent of the area median income as determined by the United States Department of Housing and Urban Development. "Owner" means the owner of an eligible project. "Regulatory agreement" means an agreement between the corporation and the owner relating to an eligible project that includes provisions relating to rents, charges, profits, return on owner's equity, development costs, and methods of operation. "Rental assistance contract" means an agreement between an owner and the corporation providing for periodic rental assistance payment for units in an eligible project.