825 R.I. Code R. 825-RICR-20-00-2.2

Current through December 3, 2024

Section 825-RICR-20-00-2.2 - CONSTRUCTION

A. Construction with Act. Unless otherwise defined herein or unless a different meaning is required from the context in which they are used herein or is required by the Tax Act, all words and terms used in these Regulations are as defined in the Act.

B. Definitions.

1. "Act" means the Housing and Mortgage Finance Corporation Act set forth in R.I. Gen. Laws Chapter 42-55, as amended.

2. "Aggregate Family Income" means the aggregate income, as defined by the Tax Act, of each Borrower and of anyone else in the Borrower's household required by the Tax Act to be considered in such calculation. Aggregate Family Income shall be calculated in accordance with the criteria and procedures established under the Tax Act.

3. "Board of Commissioners" means the Board of Commissioners of the Corporation.

4. "Borrower" means a person or persons satisfying the Eligibility Criteria set forth in § 2.4 of this Part and who satisfy(ies) the credit and underwriting criteria established by the Mortgage Lender to whom application for a Mortgage Loan is made and, is or are issued or apply(ies) for Credits.

5. "Closing" means the date documents evidencing a Mortgage Loan are executed by the Borrower.

6. "Corporation" means Rhode Island Housing and Mortgage Finance Corporation, a public corporation organized and existing under the Act.

7. "Mortgage Credit Certificate" or "MCC" means a certificate issued by the Corporation entitling a Borrower to Credits. The form of MCC to be issued to Borrowers, and the terms and conditions contained therein, shall be as determined by the Tax Act.

8. "Mortgage Lender" means an entity engaged in the business of mortgage lending which is qualified under § 2.6 of this Part to participate in the MCC Program.

9. "Mortgage Loan" means a loan from a Mortgage Lender to a Borrower evidenced by a mortgage deed or other instrument. A Mortgage Loan also includes Qualified Home Improvement Loans, Qualified Rehabilitation Loans and any other loans qualifying under the Tax Act. Under the MCC Program, a Mortgage Loan may be made upon such terms and conditions as may be agreed to by a Borrower and Mortgage Lender.

10. "MCC Participation Agreement" means a written contract between the Corporation and a Mortgage Lender which establishes the terms by which the Mortgage Lender will participate in the MCC Program.

11. "MCC Program" means the Corporation's program of issuing Mortgage Credit Certificates to qualified Borrowers pursuant to these Regulations.

12. "Program Bulletin" means a bulletin issued by the Corporation implementing a section or sections of this Part. A program manual shall constitute a Program Bulletin for purposes of these Regulations. Copies of all Program Bulletins shall be maintained by the Corporation at its principal office, and shall be available for inspection and copying from the hours of 9:00 a.m. - 5:00 p.m. on Mondays through Fridays, except holidays.

13. "State" means the State of Rhode Island and Providence Plantations.

14. "Tax Act" means the Internal Revenue Code of 1986, 26 U.S.C., as amended, the rules, revenue rulings and regulations promulgated or deemed to be promulgated thereunder as now in effect or as may be promulgated and from time to time amended, and any corresponding provision of prior to future federal tax laws that apply to the issuance of MCCs.

825 R.I. Code R. 825-RICR-20-00-2.2