La. Admin. Code tit. 16 § II-303
Abandoned-a housing unit which has been certified by the developer/owner and the local jurisdiction within which the housing unit is located that the unit has been vacant for at least 18 months.
Accessible-a site, building, facility, or portion thereof that complies with the Uniform Federal Accessibility Standards and that can be approached, entered, and used by physically disabled people.
Adaptable-the ability of certain building spaces and elements, such as kitchen counters, sinks, and grab bars, to be added or altered so as to accommodate the needs of either disabled or nondisabled persons, or to accommodate the needs of persons with different types or degrees of disability.
Application-the CHDO Homeownership Housing Program (Revolving Loan Pool) HOME project summary.
Appraised Value-an appraisal by an individual or form which is acceptable to FHA, VA, RECD, FNMA or the PMI insurer, as applicable, subject to the right of the issuer to further limit the pool of acceptable individuals or firms.
Builder-the general contractor or any other entity executing a contract with the developer to construct and/or rehabilitate a housing unit.
Builder Profit Fee Base-Line 49 of the estimate and certificate of actual cost certified in accordance with generally accepted accounting principles by an independent certified public accountant as having been incurred and reduced by any general overhead (Line 44).
CHDO-a Community Housing Development Organization as defined at 24 CFR 92.2 of the federal regulations.
Debarred Developer-any developer who is sanctioned or prohibited from participating in any housing program sponsored by any federal agency or by any state or local government or by any instrumentality of a federal, state or local government.
Developer-any person or entity (including persons or entities which are related to or have an identity of interest with such person or entity) which owns or develops a project, including any general partner of a partnership, any builder related to or having an identity of interest with the person or entity which owns or develops the project and any consultant receiving any fee or compensation to help develop a project.
Developer Fee-any profit or income realized by the developer in connection with the development of the project.
Developer Fee Base-the development costs of a project reduced by any acquisition costs and all developer fees (including builder profit and overhead when there is an identity of interest between the builder and the developer).
Development Costs-the capitalized costs of a building certified in accordance with generally accepted accounting principles by an independent certified public accountant as having been incurred as of the placed-in service date of the building.
Elderly Household-a household composed of one or more persons at least one of whom is 62 years of age or more at the time of initial occupancy.
Eligible Borrower-any person having an ownership interest in the residential housing unit:
1. who is expected to principally and permanently live in the residence being financed within a reasonable period of time (not to exceed 60 days) following the closing of the mortgage loan;
2. who is primarily or secondarily liable on the mortgage and has, in the case of a conventional mortgage loan, received home buyer training from a FNMA certified home buyer training program;
3. whose annualized monthly income does not exceed the maximum permissible household income as set forth in Exhibit III of this CHDO homeownership financing program HOME project summary application, as may be amended from time to time;
4. who is a first-time home buyer; provided, however, that for purposes of this definition, the term eligible borrower shall not include a mere cosigner of the mortgage loan who does not have an ownership interest in the residential housing unit being financed pursuant to such mortgage loan.
Existing Housing-housing units which have previously been occupied.
FNMA-the Federal National Mortgage Association.
First-Time Home Buyer-a mortgagor, other than a mortgagor with respect to a qualified rehabilitation loan, who has not had a present ownership interest in a residence at any time during the three-year period ending on the date the mortgage is executed, or a mortgagor who is the first resident of a residence following the completion of a qualified rehabilitation of the residence.
Governmental Assistance-includes any loan, grant, guarantee, insurance, payment, rebate, subsidy, credit tax benefit, or any other form of direct or indirect assistance from the federal, state or local government for use in, or in connection with, a specific housing project.
Handicapped Equipped Units-units which are accessible and in which certain building spaces and elements, such as kitchen counters, sinks, and grab bars have been added or attached so as to accommodate the needs of a handicapped household.
Handicapped Household-a household composed of one or more persons at least one of whom is considered to have a physical, mental or emotional impairment which:
1. is expected to be of long-continued and indefinite duration;
2. substantially impedes the ability to live independently; and
3. is of such a nature that such ability could be improved by more suitable housing conditions. A person shall be considered handicapped if:
a. such person has a developmental disability as defined in Section 102(7) of the Developmental Disabilities Assistance and Bill of Rights Act [ 42 U.S.C. 60001(7) ]; or
b. such person is infected with the Human Acquired Immunodeficiency Virus (HIV) who is disabled as a result of infection with the HIV; or
c. such person has a severe and persistent mental or emotional impairment that seriously limits his or her ability to live independently, and whose impairment could be improved by more suitable housing conditions.
Hard Costs-Line 49 of the estimate and certificate of actual costs.
HOME/MRB Program-the agency's program for financing mortgage loans with a combination of HOME funds and proceeds of mortgage revenue bonds.
Home Buyer Training Program-a program (other than a self-instruction program) recognized by FNMA or the agency for first-time home buyers and which is provided by independent third-party contractors or by a CHDO authorized to provide first-time home buyer training.
HQS Standards-the Housing Quality Standards promulgated in HUD regulations at 24 CFR 882.109, including the basic "performance requirements" with respect to the following:
1. sanitary facilities;
2. food preparation and storage space;
3. space and security;
4. thermal environment;
5. illumination and electricity;
6. structure and materials;
7. interior air quality;
8. water supply;
9. lead-based paint;
10. access;
11. site and neighborhood; and
12. sanitary condition.
HUD-the U.S. Department of Housing and Urban Development.
Independent Qualified Housing Consultant-a professional housing consultant who has no identity of interest with any builder or developer in any state and who, by virtue of academic training, licensing and/or experience, is a recognized expert skilled in the requirements of conducting a market survey and demand study.
Lender-a financial institution that is participating as a lender under the agency's HOME/MRB Program.
Local Nonprofit Sponsor-a Section 501(c)(3) organization in which not more than 15 percent of the members of the governing board are domiciled outside the service area of the nonprofit and at least 75 percent of the governing board are domiciled within the market area of the project or is a state-certified Community Housing Development Organization (CHDO) with a service area encompassing the market area of the project.
Market Area-in rural areas or municipalities with a total population of less than 75,000, an area encompassing at least the parish within which the project is located; and in municipalities of 75,000 or more, an area encompassing only the municipality if the housing consultant certifies that such a limitation is appropriate in view of demographic and mobility factors permitting the limitation of the market areas only to the municipality.
Maximum Permissible Acquisition Cost Limits-the applicable amount set forth in Exhibit II of the HOME project summary application as updated from time to time by the issuer.
Maximum Permissible Household Income Limits-with respect to an eligible borrower acquiring a residential housing unit in a parish, the applicable limits for such parish set forth in Exhibit III of the HOME project summary application as updated from time to time by the issuer.
Maximum Sales Price-the FHA 203(b) mortgage insurance limits for the area within which the project is located.
Minimum HQS-
1. the Section 8 Minimum Housing Quality Standards at 24 CFR 882.109 and all applicable state and local codes (including the Southern Building Code), rehabilitation standards, ordinances and zoning ordinances;
2. with respect to new construction, the current edition of the Model Energy Code; and
3. with respect to substantially rehabilitated housing, the cost-effective energy conservation and effectiveness standards in 24 CFR part 39.
Minimum Property Standards-the minimum property standards in 24 CFR 200.925 or 200.926 or MPS.
New Construction-housing units which have not previously been occupied.
Phase-the construction of not more than the lesser of five units or 20 percent of all the units proposed in the application.
Pre-Qualified Applicant-a prospective eligible borrower who has completed a home buyer training program.
Qualified Rehabilitation-any rehabilitation of a building occupied by an owner prior to the beginning of rehabilitation and certified by a CHDO on Exhibit IV of the HOME project summary application as satisfying the following conditions:
1. there is a period of at least 20 years between the date on which the building was first used (for residential or commercial purposes) and the date on which the physical work on such rehabilitation begins;
2. in the rehabilitation process:
a. 50 percent or more of the existing external walls of such building are retained in place as external walls;
b. 75 percent or more of the existing external walls of such building are retained in place as internal or external walls; and
c. 75 percent or more of the existing internal structural framework of such building is retained in place; and
3. the expenditures for such rehabilitation are in an amount at least equal to 25 percent of the eligible borrower's adjusted basis (for federal income tax purposes) in the residence.
For purposes of Paragraph 3, the eligible borrower's adjusted basis shall be determined as of the completion of the rehabilitation or, if later, the date on which the eligible borrower acquires the residence.
RD-the Rural Development Division of the U.S. Department of Agriculture.
RD Target Area-an area designated in writing by Rural Development of the U.S. Department of Agriculture as a priority area for financing housing under the 515 Housing Program.
Replacement Cost-with respect to a project involving substantial rehabilitation, the cost of new construction of a project with identical unit and square footage configuration at the site.
Scattered Site-a project consisting of multiple buildings containing housing units provided that each building is located on a single lot and provided further that each building may not contain more than one housing unit.
Substandard-any housing unit which does not satisfy the HQS standards and which requires substantial rehabilitation.
Substantial Rehabilitation-any rehabilitation in which the hard costs equal or exceed $15,000 per unit or in which the rehabilitation satisfies the requirements of a qualified rehabilitation.
Total Development Cost-development costs plus the cost of land.
Townhouse Units-a single-family housing unit which shares a common wall with another single-family housing unit but which is located on land to which title is transferred to the homeowner.
Vacant-a housing unit which is certified by the CHDO/owner and the local jurisdiction to have not been occupied for a period of at least 90 days, and which is reasonably expected to remain vacant for an indefinite duration because the unit is substandard.
La. Admin. Code tit. 16, § II-303