Minnesota Administrative Rules

4900.1220 DEFINITIONS.

Subpart 1.

Scope.

For the purposes of parts 4900.1220 to 4900.1260, the following terms have the meanings given them.

Subp. 2.

Applicant.

"Applicant" means one or more persons or entities that apply for a cooperative or rental multifamily housing innovative loan.

Subp. 3.

Borrower.

"Borrower" means an applicant that is granted a cooperative or rental multifamily housing innovative loan, and that is the maker of a note in evidence of such loan.

Subp. 4.

Cooperative or rental multifamily housing innovative loan.

"Cooperative or rental multifamily housing innovative loan" means a loan to be made to a borrower under Minnesota Statutes, section 462A.05, subdivision 18a, and the proceeds of which must come from the money in the fund established by Minnesota Statutes, section 462A.21, subdivision 9a.

Subp. 5.

Democratic resident association.

"Democratic resident association" means an association, incorporated or unincorporated, whose membership is limited to and open to residents of a project, and where each member of the association has an equal vote in the affairs of the association.

Subp. 6.

Persons and families of low and moderate income.

"Persons and families of low and moderate income" means those persons and families whose adjusted income does not exceed the greater of $16,000 or 550 percent of the gross rental or annual carrying charge for the dwelling unit which they are to occupy; provided, however, that the gross rentals or annual carrying charge for at least 75 percent of the dwelling units in the project do not exceed 120 percent of the fair market rents for the geographical area in which the project is located, as determined and adjusted from time to time by the United States Department of Housing and Urban Development; provided further, that higher gross rentals or annual carrying charges may be allowed for a dwelling unit in a project if the members determine that higher gross rents and annual carrying charges are necessary because of prevailing levels of construction costs, unusually high or low family incomes, or similar factors relating to income available for housing or housing costs.

Subp. 7.

Project.

"Project" means a multifamily housing development for which a cooperative or rental multifamily housing innovative loan is requested.

Statutory Authority:

MS s 462A.06

History:

9 SR 296

Published Electronically:

June 11, 2008