The following terms as used in this chapter shall have the following meanings unless a different meaning clearly appears from the context:
(1) “Chapter” means this Housing Finance Agency Act.
(2) “Agency” means the District of Columbia Housing Finance Agency.
(3) “Board” means the Board of Directors of the District of Columbia Housing Finance Agency.
(4) “Bonds,” “notes” and “other obligations” refer to any bonds, notes, debentures, interim certificates or other evidences of financial indebtedness of the Agency authorized to be issued under the provisions of this chapter.
(5) “Council” means the Council of the District of Columbia.
(6) “Construction loan” means a short term advance of monies for the purpose of constructing or rehabilitating housing projects.
(7) “District” means the District of Columbia.
(8) “Eligible persons” means individuals and families who qualify for housing under a given program according to the requirements of the program as established by the Agency.
(8A) “Eligible State or Local Government Unit” means any state or political subdivision thereof within the meaning of § 103 of the Internal Revenue Code of 1986 (or successor provisions), including any agency, authority, body, commission or entity that acts on behalf of any such state or political subdivision, which is authorized under applicable law to issue bonds or enter into other obligations for the purpose of providing low and moderate income housing.
(8B) “State or Local Government Loan” means a loan or other advance of monies by the Agency to an Eligible State or Local Government Unit to be used as permitted by refunding agreements between the Eligible State or Local Government Unit and the Department of Housing and Urban Development.
(9) “Forward Commitment Mortgage Purchase Program” means a program pursuant to which the Agency commits to purchase from or originate through mortgage lenders mortgage loans committed to and originated by the mortgage lender or the Agency after the date of the Agency’s commitment where the loans are to low or moderate income persons for financing housing units to be owner-occupied or are loans which meet the requirements of subsection (b) or (c) of § 42-2703.02 .
(10) “Homeownership program” means any type of program through which a person can achieve an ownership position in a residential unit including, but not limited to, cooperatives and condominiums.
(11) “Housing project or project” means any undertaking to plan, develop, construct or rehabilitate one or more dwelling units located in the District of Columbia which meets the requirements of this chapter. Such undertaking may include, but is not limited to any building, land, equipment, facilities or other real or personal property which are necessary, convenient or desirable appurtenances, streets, sewers, utilities, parks, site preparation or landscaping; and other non-housing facilities, such as offices, stores, commercial facilities, community, medical, educational, social, health, recreational, and welfare facilities, which are reasonably related to and subordinate to the housing project, consistent with the applicable Internal Revenue Code provisions, as amended, and the regulations thereunder, as determined to be necessary, convenient or desirable by the Agency. Any facility which incorporates the residence and care of persons with special needs, including but not limited to the aged, youth, students, homeless, persons with disabilities, persons requiring health and medical care, shall be deemed an undertaking for purposes of this chapter.
(11A) “Loan” means a secured or unsecured obligation issued for the purposes of financing a housing project or homeownership program.
(12) “Low income persons” means those persons and families whose annual income as determined by the Agency does not exceed the income requirements for low income persons as established by the Internal Revenue Service or the Department of Housing and Urban Development from time to time as applicable to the particular housing project or homeownership program under the Agency’s plan of financing.
(13) “Moderate income persons” means those persons and families whose annual income as determined by the Agency does not exceed the income requirements for moderate income persons established by the Internal Revenue Service or the Department of Housing and Urban Development from time to time as applicable to the particular housing project or homeownership program under the Agency’s plan of financing.
(14) “Mortgage” means a mortgage deed, deed of trust, or other security instrument which shall constitute a lien in the District on improvements and real property in fee simple, on a lease having a remaining term, which at the time such mortgage is acquired does not expire for at least that number of years beyond the maturity date of the obligation secured by such mortgage.
(15) “Mortgage lender” means an entity as defined in § 26-1101(11) , that is deemed eligible by the Agency to participate in any of its programs.
(16) “Mortgage loan” means an obligation secured by a mortgage financing a housing project.
(17) “Sponsor” means a sole proprietor, joint venture, partnership, limited partnership, trust, corporation, cooperative, or condominium, whether nonprofit or organized for profit, which owns or sponsors a housing project pursuant to the provisions of this chapter.
(18) “Subsidy” means any resources generated through appropriation by the federal or District government, or donated by a public or private source; the resources must be designated for meeting housing expense and may be payments to the occupant of a housing unit as reimbursement for monies expended, payment made for supplementing housing or rent payments made by an occupant, or payments made to effect a reduction in mortgage interest rates paid by the mortgagor of a housing unit.
(19) “Cooperative” means a rental housing unit or project, unless the Agency determines by resolution that a given unit or units in a given project shall be deemed to be a homeownership housing unit or project.
(20) “Very-Low Income” means those persons and families whose annual income as determined by the Agency does not exceed the income requirements for very-low income persons as established by the Internal Revenue Service or the Department of Housing and Urban Development from time to time as applicable to the particular housing project or homeownership program under the agency’s plan of financing.