12 Pa. Code § 31.1

Current through Register Vol. 54, No. 49, December 7, 2024

Section 31.1 - Definitions

(a) The definitions set forth in section 103 of the act (35 P. S. § 1680.103) shall apply to this subpart unless a term is specifically defined in subsection (b) or unless the context clearly indicates otherwise.

(b) The following words and terms, when used in this subpart, have the following meanings, unless the context clearly indicates otherwise:

Act-The Housing Finance Agency Law (35 P. S. §§ 1680.101-1680.603a).

Affirmative action program-A program whereby the Agency imposes a duty upon applicants, developers, mortgagors, contractors, subcontractors, marketing agents and managing agents to employ minorities, minority business enterprises, females and female business enterprises from submission of the preliminary application to the satisfaction of the mortgage; such employment shall include, but not be limited to, development team members.

Agency-The Housing Finance Agency.

Annual family income-The total annual income for a low and moderate income family from whatever source derived and before taxes or withholdings, after deducting therefrom:

(i) An amount equal to $750 for each dependent, as defined in the Internal Revenue Code as family members.

(ii) Income of minors, as defined by the Internal Revenue Code, other than the chief wage earner.

(iii) An amount equal to $1,000 income of secondary wage earner not the principal wage earner, who is the individual making the most money.

(iv) The total family medical expenses minus 3.0 % of annual gross family income. Medical expenses are those expenses which are anticipated during the 12-month period for which the annual income is computed and which are not covered by insurance; however, premiums for such insurance may be deducted as medical expenses.

Applicant-A corporation, partnership, joint venture, trust, individual, public body or agency, or other entity making application to receive Agency monies, assistance, or services under the act.

Application-A request for Agency assistance under the act made on forms furnished by the Agency and containing such information as the Agency requires.

Development team member-Those individuals, corporations, partnerships, joint ventures, or other entities engaged by the applicant to perform professional or technical services which are essential to the finance, design, construction, marketing, operation and management of housing financed by the Agency.

Dwelling unit-Living accommodations within a housing project intended for residential occupancy by a single family.

Family-Includes any of the following:

(1) Elderly persons as defined by the act.

(2) Two or more persons living together not contrary to law.

(3) A single person.

Female applicant-A female individual or a female business enterprise making application to receive Agency monies, assistance, or services under the act.

Female business enterprise-Any business enterprise that is owned-at least 51%-or controlled by one or more females; where the female business enterprise is a general partnership or a limited partnership, the female general partner or partners must be entitled to receive at least 50% of the syndication proceeds. Control means exercising actual day-to-day management and policy decisions.

Majority-A nonminority and nonfemale.

Minority-A United States citizen who is one of the following:

(i) Black, not of Hispanic descent.

(ii) Hispanic.

(iii) American Indian.

(iv) Eskimo.

(v) Aleut.

(vi) Oriental.

Minority applicant-A minority individual or a minority business enterprise making application to receive Agency monies, assistance, or services under the act.

Minority business enterprise-Any business enterprise that is owned-at least 51%-or controlled by one or more minorities; where the minority business enterprise is a general partnership or a limited partnership, the minority general partner or partners must be entitled to receive at least 50% of the syndication proceeds. Control means exercising actual day-to-day management and policy decisions.

Mortgage loan-A loan authorized by resolution of the Agency or by a mortgage loan commitment issued on behalf of the Agency and made or to be made to an applicant for a housing project from the proceeds of sale of the Agency's bonds or notes and any other available funds for the purpose of providing construction financing or long-term financing, or both, the repayment of which is secured or to be secured as provided in the act.

Syndication proceeds-The sum of any compensation, fee, profits, money, and income which the general partners of a partnership or a limited partnership are entitled to receive or the sum of any profits, money, and income which any other business enterprise is entitled to receive.

12 Pa. Code § 31.1

The provisions of this § 31.1 amended February 1, 1980, effective 2/2/1980, 10 Pa.B. 461.

This section cited in 12 Pa. Code § 31.2 (relating to procedures for processing rental housing mortgage loan applications).