"Affordable to the local work force" means that the amount of rent or housing payments made by the occupants of housing funded under the challenge program is affordable based on the wages of the jobs being created or retained in the local area, the fastest growing jobs in the local area, the jobs with the most openings in the local area, or the wages of the work force employed by organizations making contributions under the challenge program. Rent or housing payments are affordable if they do not exceed 30 percent of the wages being paid in the local area as the wages are described in the application for challenge program funding.
"Agency" means the Minnesota Housing Finance Agency created by Minnesota Statutes, chapter 462A.
"Application guide" means the informational materials developed by the agency for the purposes of soliciting applications for and releasing funds under the challenge program.
"Challenge program" means the economic development and housing challenge program authorized by Minnesota Statutes, section 462A.33.
"Continuum of care plan" means a community plan prescribed by HUD to organize and deliver housing and services to meet the specific needs of people who are homeless as they move to stable housing and maximum self-sufficiency and includes action steps to end homelessness and prevent a return to homelessness.
"Cooperatively developed plan" means a plan that encompasses multiple affordable housing and related service initiatives in a geographically defined area that is developed through the cooperation and input of a city or county, or instrumentality thereof, or a regional unit of government and one or more of the following entities:
a neighborhood group or community group;
housing providers; and
"Deferred loan" means a non- or low-interest-bearing loan made without periodic payments and repaid in full at the end of the loan term or upon the occurrence of a specified event.
[Repealed, 29 SR 1479]
[Repealed, 29 SR 1479]
"Eligible homebuyer" means a household that satisfies the income limits provided in Minnesota Statutes, section 462A.33, subdivision 5, with respect to homeownership projects.
"Household at risk of becoming homeless" means a household that is faced with a situation or set of circumstances that is likely to cause the household to become homeless in the future, including living in substandard housing, living in housing that is inadequate for the size of the household, living in housing with a person who engages in domestic violence, paying more than 50 percent of household income for rent, or having insufficient household resources to pay for current housing and meet other basic needs.
"Interim loan" means a short-term non- or low-interest-bearing loan made to a successful applicant to assist with acquiring, demolishing, rehabilitating, or constructing owner-occupied housing.
"Local area" means the geographic area in Minnesota that the agency uses to determine what constitutes the local work force and to compute average hourly or annual wages.
"Member-adopted plan for affordable housing" means the affordable housing plan adopted by the members that the agency uses to project the resources that will be available to the agency to invest in housing programs during each biennium and to plan for how the resources are invested.
"Owner-occupied housing" means housing that is the principal place of residence for the owner and the owner's household. Housing that is primarily intended to be used in a trade or business, as an investment property, or as a recreational home is not owner-occupied housing; however, a property that contains rental housing units qualifies as owner-occupied housing so long as the property includes no more than four housing units, at least one of which is occupied by the property's owner.
"Private developer" means an individual or a for-profit nongovernmental entity, including a cooperative housing corporation as defined in part 4900.0010, subpart 8, and a limited dividend entity as defined in part 4900.0010, subpart 14.
"Public housing agency" means any state, county, municipality, or other governmental entity or public body, or agency thereof, that is authorized to engage or assist in the development or operation of low-income housing.
"Rental housing" means housing with a minimum of four units that is used to provide living accommodations to persons or families on a rental basis. Rental housing does not include owner-occupied housing or a unit in a hotel, motel, inn, or other establishment where units are used on a transient basis.
"Tenant-based rental assistance" means a rental subsidy provided for an individual household that chooses its own housing unit.
"Underserved populations" means individuals and households of color, single female heads of households with minor children, and disabled individuals.
MS s 462A.06
26 SR 1510; 29 SR 1479
June 11, 2008