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Session Laws - 2008 S.L. 2008-107
311
(5) Federally insured securities. – An evidence of indebtedness secured by
a first mortgage lien on residential housing for persons of lower
income and insured or guaranteed as to repayment of principal and
interest by the United States or any agency or instrumentality thereof.
(6) Governmental agency. – Any department, division, public agency,
political subdivision, or other public instrumentality of the State, the
federal government, any other State or public agency, or any two or
more thereof.
(7) Mortgage or mortgage loan. – A mortgage loan for residential housing,
including, without limitation, a mortgage loan to finance, either
temporarily or permanently, the construction, rehabilitation,
improvement, or acquisition and rehabilitation or improvement of
residential housing and a mortgage loan insured or guaranteed by the
United States or an instrumentality thereof or for which there is a
commitment by the United States or an instrumentality thereof to
insure such a mortgage. A mortgage obligation may be evidenced by a
security document and secured by a lien upon real property, including
a deed of trust and land sale agreement. Mortgage also means an
obligation evidenced by a security lien on real property upon which an
owner-occupied mobile home is located.
(8) Mortgage lenders. – Any bank or trust company, savings bank,
national banking association, savings and loan association, or building
and loan association, life insurance company, mortgage banking
company, the federal government, and any other financial institution
authorized to transact business in the State.
(9) Mortgagee. – The owner of a beneficial interest in a mortgage loan, the
servicer for the owner of a beneficial interest in a mortgage loan, or the
trustee for a securitized trust that holds title to a beneficial interest in a
mortgage loan.
(10) Obligations. – Any bonds or bond anticipation notes authorized to be
issued by the Agency under the provisions of this Chapter.
(11) Persons and families of lower income. – Persons and families deemed
by the Agency to require such assistance as is made available by this
Chapter on account of insufficient personal or family income, taking
into consideration, without limitation, (i) the amount of the total
income of such persons and families available for housing needs, (ii)
the size of the family, (iii) the cost and condition of housing facilities
available, (iv) the eligibility of such persons and families for federal
housing assistance of any type predicated upon a lower-income basis,
and (v) the ability of such persons and families to compete
successfully in the normal housing market and to pay the amounts at
which private enterprise is providing decent, safe, and sanitary housing
and deemed by the Agency therefore to be eligible to occupy
residential housing financed wholly or in part, with mortgages, or with
other public or private assistance.
(12) Residential housing. – A specific work or improvement undertaken
primarily to provide dwelling accommodations for persons and
families of lower income, including the rehabilitation of buildings and
Object Description
Description
| Title | Page 321 |
| Full Text | Session Laws - 2008 S.L. 2008-107 311 (5) Federally insured securities. – An evidence of indebtedness secured by a first mortgage lien on residential housing for persons of lower income and insured or guaranteed as to repayment of principal and interest by the United States or any agency or instrumentality thereof. (6) Governmental agency. – Any department, division, public agency, political subdivision, or other public instrumentality of the State, the federal government, any other State or public agency, or any two or more thereof. (7) Mortgage or mortgage loan. – A mortgage loan for residential housing, including, without limitation, a mortgage loan to finance, either temporarily or permanently, the construction, rehabilitation, improvement, or acquisition and rehabilitation or improvement of residential housing and a mortgage loan insured or guaranteed by the United States or an instrumentality thereof or for which there is a commitment by the United States or an instrumentality thereof to insure such a mortgage. A mortgage obligation may be evidenced by a security document and secured by a lien upon real property, including a deed of trust and land sale agreement. Mortgage also means an obligation evidenced by a security lien on real property upon which an owner-occupied mobile home is located. (8) Mortgage lenders. – Any bank or trust company, savings bank, national banking association, savings and loan association, or building and loan association, life insurance company, mortgage banking company, the federal government, and any other financial institution authorized to transact business in the State. (9) Mortgagee. – The owner of a beneficial interest in a mortgage loan, the servicer for the owner of a beneficial interest in a mortgage loan, or the trustee for a securitized trust that holds title to a beneficial interest in a mortgage loan. (10) Obligations. – Any bonds or bond anticipation notes authorized to be issued by the Agency under the provisions of this Chapter. (11) Persons and families of lower income. – Persons and families deemed by the Agency to require such assistance as is made available by this Chapter on account of insufficient personal or family income, taking into consideration, without limitation, (i) the amount of the total income of such persons and families available for housing needs, (ii) the size of the family, (iii) the cost and condition of housing facilities available, (iv) the eligibility of such persons and families for federal housing assistance of any type predicated upon a lower-income basis, and (v) the ability of such persons and families to compete successfully in the normal housing market and to pay the amounts at which private enterprise is providing decent, safe, and sanitary housing and deemed by the Agency therefore to be eligible to occupy residential housing financed wholly or in part, with mortgages, or with other public or private assistance. (12) Residential housing. – A specific work or improvement undertaken primarily to provide dwelling accommodations for persons and families of lower income, including the rehabilitation of buildings and |
