Definitions for housing bond program

Whenever used in this part, unless a different meaning clearly appears from the context: "Department" means the department of budget and finance. "Low- and moderate-income housing project" means any housing project where: (1) All project units are offered for rent, of which at least: (A) Twenty per cent of the units are rented to households with an income of up to fifty per cent of the area median income as determined by the United States Department of Housing and Urban Development; (B) Forty per cent of the housing units in the project are rented to households with an income of up to eighty per cent of the area median income as determined by the United States Department of Housing and Urban Development; or (C) Sixty per cent of the housing units in the project are rented to households with an income of up to one hundred forty per cent of the area median income as determined by the United States Department of Housing and Urban Development; (2) All project units are offered for sale through the conveyance of individual units by deed or share, of which at least fifty per cent of the units are sold to households with an income of up to one hundred forty per cent of the area median income as determined by the United States Department of Housing and Urban Development; or (3) The project qualifies for federal tax exempt status pursuant to 26 U.S.C. §142(a)(7) and (d); provided that if there is an insufficient number of persons or families who meet the income qualifying criteria, the developer of the housing project may make units available to households with higher incomes to ensure full occupancy of the housing project. "Project" means the acquisition, purchase, design, development, construction, reconstruction, rehabilitation, improvement, betterment, extension, financing, or refinancing of low- and moderate-income housing. "Project agreement" means any agreement entered into under this part by the department with a project party providing for the issuance of special purpose revenue bonds to finance the development of low- and moderate-income housing, or to loan the proceeds of the special purpose revenue bonds to assist a project party in the development of low- and moderate-income housing, including without limitation any loan agreement. "Project party" means an entity engaged in the development of a low- and moderate-income housing project, including a not-for-profit private organization, for-profit private organization, or public instrumentalities and their qualified affiliates. "Qualified affiliate" means a not-for-profit private organization that assists a public instrumentality or a for-profit private organization that may be a corporation, partnership, limited liability company, or trust in which each shareholder, partner, member, or beneficiary assists a public instrumentality. "Refinancing of outstanding obligations" or "refinancing" means the liquidation, the retirement, or the provision for retirement through the proceeds of bonds issued by the State of any indebtedness of a project party incurred to finance, in whole or in part, a low- and moderate-income housing project of the project party not financed pursuant to this part; or the consolidation of such indebtedness with indebtedness of the State related to the purpose for which the indebtedness of the project party was initially incurred. "Special purpose revenue bonds" or "bonds" means bonds, notes, or other evidence of indebtedness of the State issued pursuant to this part.