Section 346-1-1 - DefinitionsA. "Act" means the Maine Housing Authorities Act, 30-A M.R.S.A. §4701, et seq. as amended.B. "Applicant" means one or more individuals who have applied for a Mortgage Loan, and any other individual who is expected both to live in the Eligible Residence and to be liable on the Mortgage Loan.C. "Bond" means a bond of MaineHousing, the proceeds of which are used to purchase Mortgage Loans.D. "Eligible Borrower" means an Applicant who meets certain criteria and thus may receive mortgage financing from Bond proceeds.E. "Eligible Residence" means a residential housing structure which meets certain criteria and thus may be financed with Bond proceeds.F. "Home Mortgage Program" means MaineHousing's use of revenues from Bond sales and other housing monies to reduce interest rates and other costs associated with the purchase of a home by low and moderate income households as set forth in this rule.G. "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended, including applicable rules and regulations proposed or promulgated thereunder.H. "Lender" means a mortgage lending institution which originates or sells or originates and sells Mortgage Loans for MaineHousing's purchase.I. "MaineHousing" means the Maine State Housing Authority.J. "Mobile Home" means a single housing unit built after June 15, 1976 in accordance with the National Manufactured Housing Construction and Safety Standards Act of 1974, 42 U.S.C.A. § 5401, et seq., and is on a permanent chassis and transportable in one or more sections which in the traveling mode are 12 body feet or more in width and when erected on site are 600 or more square feet.K. "Mortgage" means a written instrument which provides an Eligible Borrower's interest in an Eligible Residence as security for repayment of a loan made pursuant to this rule.L. "Mortgage Loan" means an interest-bearing obligation which is secured by a Mortgage and provides permanent financing for an Eligible Residence.M. "Mortgagor" means a person who receives a Mortgage Loan.N. "Mortgage Purchase Agreement" means an agreement between MaineHousing and a Lender whereby MaineHousing agrees to purchase Mortgage Loans from the Lender in such form as may be prescribed by MaineHousing from time to time.O. "New Home" means a previously unoccupied single-unit residence. A New Home does not include 2, 3 or 4 unit dwellings or Mobile Home.P. "Procedural Guide" means the set of instructions, guidelines, terms and conditions for the origination of Mortgage Loans, the sale of Mortgage Loans to MaineHousing, and the servicing of Mortgage Loans provided by MaineHousing, as amended and supplemented.Q. "Qualified Rehabilitation" means rehabilitation that satisfies the criteria of a qualified rehabilitation as set forth in § 143 of the Internal Revenue Code.R. "Qualified Servicer" means a financial institution which has executed a Servicing Agreement with MaineHousing.S. "Servicing Agreement" means an agreement between MaineHousing and a Qualified Servicer whereby the Qualified Servicer agrees to service Mortgage Loans purchased by MaineHousing, in such form as may be prescribed by MaineHousing from time to time.T. "Targeted Area" means either a "qualified census tract" as defined in § 143 of theInternal Revenue Code or "an area of chronic economic distress" designated by MaineHousing and approved by the United States as set forth in § 143 of the Internal Revenue Code.99- 346 C.M.R. ch. 1, § 1