Definitions for housing loan programs

Whenever used in this subpart, unless the context otherwise requires: "Eligible borrower" means: (1) Any person or family, without regard to race, creed, national origin, or sex, who: (A) Is a citizen of the United States or a resident alien; (B) Is a bona fide resident of the State; (C) Is at least eighteen years of age; (D) Does not personally, or whose spouse does not if the person is married, own a majority interest in any residential property in the State; and (E) Meets other qualifications as established by rules adopted by the corporation; or (2) A qualified sponsor of an affordable housing project who meets the qualification requirements as established by rules adopted by the corporation. "Eligible loan" or "loan" means: (1) A loan to an eligible borrower for the purchase of a dwelling unit, including a condominium unit; provided that the property financed is located in the State, will be occupied as the principal place of residence by the eligible borrower, and meets other requirements as established by rules adopted by the corporation; or (2) An interim or permanent loan, which may be federally insured or guaranteed, made to a qualified sponsor for the financing of an affordable housing project, and which meets other requirements as established by rules adopted by the corporation. "Housing loan programs" include all or any part of the loan programs authorized in section 201H-142.