As used in this part 7, unless the context
otherwise requires:
(1) Authority means the Colorado housing and finance authority created by
this part 7.
(2) Board means the board of directors of the Colorado housing and
finance authority.
(3) Bond means any bond, note, or other obligation of the Colorado housing
and finance authority authorized to be issued under this part 7.
(3.1) Capital means funds that are provided for the research, development,
refinement, or commercialization of a product or process, and funds that are
provided for the operation of a business enterprise, including but not limited to the
cost of personnel, rent, administrative services, utilities, insurance, equipment, raw
materials, work in progress and stock in trade, or debt service on the financing
thereof, or such other corporate purposes as may be approved by the board.
Capital shall not include the cost of facilities that are financed by the authority as
a project pursuant to this part 7.
(3.5) County means any county within this state.
(4) Executive director means the executive director of the Colorado
housing and finance authority appointed by the board of directors of said authority.
(4.5) (Deleted by amendment, L. 2007, p. 703, � 1, effective May 3, 2007.)
(5) Family means two or more persons, whether or not related by blood,
marriage, or adoption, who live or expect to live together as a single household in
the same home, a single person who is either at least sixty-two years of age or has
a disability, or such other single persons as the board may by rule determine to be
eligible for assistance under this part 7.
(5.1) Federal government means the United States and any agency or
instrumentality, corporate or otherwise, of the United States.
(5.2) Financing agreement includes a lease, sublease, installment purchase
agreement, rental agreement, option to purchase, loan agreement, participation
agreement, loan purchase agreement, or any other agreement, or any combination
thereof, entered into in connection with the financing of a project or housing facility
or the provision of capital pursuant to this part 7.
(5.3) Governing body means the board, council, officer, or group charged
with exercising the legislative power of a government.
(5.4) Government means the federal government, the state government,
and any county, municipality, or state agency.
(5.5) Home improvement loan means a loan of money for the alteration,
repair, or improvement of an existing housing facility. The term does not include a
loan for a pool, hot tub, or any other construction not directly improving the
structural integrity, general appearance, or living conditions within the housing
facility.
(6) Housing facility means any work or undertaking that is designed and
financed pursuant to this part 7 for the primary purpose of providing decent, safe,
and sanitary dwelling accommodations. Such dwelling accommodations may
provide for separate, shared, or congregate facilities. Housing facility may include
any buildings, land, equipment, facilities, or other real or personal property:
(a) Found necessary by the authority to ensure required occupancy or
balanced community development; or
(b) Found necessary or desirable by the authority for sound economic or
commercial development of a community.
(7) Housing facility loan means a loan of money, including advances and
temporary and permanent loans, for the construction, reconstruction, rehabilitation,
or purchase of a housing facility.
(8) Lender means any state bank chartered by the state of Colorado or any
national banking association located in Colorado, state or federal savings and loan
association located in Colorado, FHA-approved mortgagee, insurance company,
mortgage banking or other financial institution, or public or private entity providing
economic development assistance approved by the board.
(9) Loan to lender means a loan of money to a lender.
(10) Low-income family and low- or moderate-income family mean a
family whose income is insufficient to secure decent, safe, and sanitary housing
provided by private industry without loans or other incentives made by the authority
or federal subsidies and whose income is below respective income limits
established by the board by rule, taking into consideration such factors as the
following:
(a) The amount of the total income of such family available for housing
needs;
(b) The size of the family;
(c) The cost and condition of housing facilities available;
(d) The ability of such family to compete successfully in the private housing
market and to pay the amounts at which private enterprise is providing decent, safe,
and sanitary housing; and
(e) Standards established by various programs of the federal government for
determining eligibility based on income of such family.
(11) Mortgage means a mortgage, deed of trust, or other instrument
constituting a first lien on real property in this state and improvements constructed
or to be constructed thereon or on a leasehold under a lease having a remaining
term, at the time such mortgage is acquired, of not less than the term for
repayment of the obligation secured by such mortgage.
(12) Mortgage loan means a loan of money, including advances and
temporary loans, for the construction, reconstruction, rehabilitation, purchase, or
refinancing of a housing facility, which loan is evidenced by an obligation secured
by a mortgage.
(12.1) Municipality means any city, including without limitation any city or
city and county operating under a home rule or special legislative charter, or town
within this state.
(12.4) Project means a work or improvement that is or will be located in this
state, including but not limited to real property, buildings, equipment, furnishings,
and any other real and personal property or any interest therein, financed,
refinanced, acquired, owned, constructed, reconstructed, extended, rehabilitated,
improved, or equipped, directly or indirectly, in whole or in part, by the authority and
that is designed and intended for the purpose of providing facilities for
manufacturing, warehousing, commercial, recreational, hotel, office, research and
development, or other business or economic purposes, including but not limited to
machinery and equipment deemed necessary for the operation thereof, excluding
raw material, work in process, or stock in trade. Project includes more than one
project or any portion of a project, but shall not include a housing facility or any
portion thereof unless the authority elects to treat such housing facility or portion
thereof as a project. Project shall not include the financing by the authority of any
county or municipal public facilities beyond the boundaries of the project, except to
the extent that such facilities are adjacent to the project and support the operation
of the project.
(12.5) Project costs means the sum total of all costs incurred in the
development of a project which are approved by the authority as reasonable and
necessary. Project costs includes, but is not limited to:
(a) The cost of acquiring real property and any buildings thereon, including
but not limited to payments for options, deposits, or contracts to purchase
properties;
(b) The cost of site preparation, demolition, and development;
(c) Any expenses relating to the issuance of bonds or notes;
(d) Fees in connection with the planning, execution, and financing of the
project, such as those of architects, engineers, attorneys, accountants, and the
authority;
(e) The cost of studies, surveys, plans and permits, insurance, interest,
financing, tax and assessment costs, and other operating and carrying costs
incurred during construction;
(f) The cost of construction, rehabilitation, reconstruction, and equipping of
the project, not including the cost of raw materials, work in process, and stock in
trade;
(g) The cost of land improvements, such as landscaping and off-site
improvements;
(h) Expenses in connection with initial occupancy of the project;
(i) A reasonable profit and risk fee in addition to job overhead to the general
contractor and, if applicable, the sponsor;
(j) An allowance established by the authority for contingency reserves and
reserves for any anticipated operating deficits after completion of the project; and
(k) The cost of other items that the authority determines to be reasonable
and necessary for the development of the project, including but not limited to
relocation costs, utility connection fees, indemnity and surety bonds, premiums on
insurance, and fees and expenses of trustees, depositories, and paying agents for
the bonds and notes.
(12.6) Project plan means the plan for a project or projects and includes but
is not limited to:
(a) A map or any other appropriate representation of the area and the
location of the project;
(b) A statement of proposed land uses;
(c) Any proposed amendments to, changes in, or variances from the master
plan, official map, or zoning regulations or other land use regulations, codes, or
ordinances of the county or municipality in which the project is to be located;
(d) A proposal for the acquisition of real property;
(e) A proposal for the demolition and removal of existing structures;
(f) A description of the project;
(g) A statement of the plan's relationship to any officially adopted objectives
of the county or municipality as to land uses, density of population, traffic, public
transportation, public utilities, recreational and community facilities, other public
improvements, and the protection of the environment;
(h) A statement of the provision being made for the temporary and
permanent relocation of any persons who may be displaced by the construction of
the project;
(i) A proposed time schedule for the effectuation of the plan; and
(j) Additional statements or documentation as the authority may deem
appropriate.
(12.8) Real property means all lands and franchises and interests in land
located within this state, including lands under water and riparian rights, space
rights and air rights, and any and all other things usually included within said term.
Real property includes any and all interests in such property less than full title,
such as easements, incorporeal hereditaments, and every estate, interest, or right,
legal or equitable.
(12.9) Small business means a profit or nonprofit enterprise of small or
moderate size, as determined by the board pursuant to regulation taking into
consideration such factors as the following:
(a) The net assets of the enterprise;
(b) The number of employees involved or to be involved in the normal
operation of the project;
(c) The total number of employees involved or to be involved in the normal
operation of the enterprise as a whole;
(d) The type, size, and cost of the project; and
(e) Applicable standards and criteria periodically applied by the federal
government in administering assistance programs for enterprises of small or
moderate size.
(13) Sponsor means an individual, joint venture, partnership, limited
partnership, trust, corporation, cooperative, condominium, association, public body,
including the authority, or any other legal entity or combination thereof, which:
(a) The authority has approved as qualified to own, construct, acquire,
rehabilitate, operate, lease, manage, or maintain part or all of a housing facility or a
project; and
(b) Except for a county, municipality, or other public body, has agreed to
subject itself to the regulatory powers of the authority.
(14) Repealed.
(15) State agency means any board, authority, agency, department,
commission, public corporation, body politic, or instrumentality of this state other
than a municipality or a county.
(16) Repealed.