§ 42-11.2-3. Definitions. Terms used in this chapter shall be defined as follows, unless another meaning is expressed or clearly apparent from the language or context:

(1) "Eligible owner" means any of the following entities, provided that it shall have the legal right to lease or sub-lease existing, newly constructed, or substantially rehabilitated dwelling units.

(i) A mutual housing association, a nonprofit housing development corporation, a limited equity housing cooperative, a limited partnership in which a nonprofit housing development corporation is the general partner, or a limited partnership in which a corporation wholly owned by a nonprofit housing development corporation is the general partner.

(ii) Any other person or entity the department elects to contract with.

(2) "Fair market rent" means the fair rental amount for a dwelling unit, as established by the executive department pursuant to § 42-11.2-9.

(3) "Housing costs" means an amount equal to the fair market rent for an assisted unit, plus a utility allowance for that unit as determined by the executive department.

(4) "Limited equity housing cooperative" means a cooperative housing association or corporation organized and operated primarily for the benefit of low and moderate income persons, and whose equity, after allowance for maximum transfer value of its stock, is permanently dedicated to providing housing to persons of low or moderate income or to a charitable purpose.

(5) "Low-income family" means an individual or family whose total income does not exceed sixty percent (60%) of the median family income adjusted by family size for the area of the state in which the family lives, as determined annually by the U.S. Department of Housing and Urban Development.

(6) "Mutual housing association" means a nonprofit corporation, incorporated pursuant to chapter 6 of title 7 and having articles of incorporation approved by the executive director of the Rhode Island housing and mortgage finance corporation, having as one of its purposes the prevention and elimination of neighborhood deterioration and the preservation of neighborhood stability by affording community and resident involvement in the provision of high-quality, long-term housing for low and moderate income families in which residents: (i) participate in the ongoing operation and management of that housing; (ii) have the right to continue residing in the housing for as long as they comply with the terms of their occupancy agreement; and (iii) do not possess an equity or ownership interest in the housing.

(7) "Nonprofit housing development corporation" means a nonprofit corporation, which has applied under 42 U.S.C. § 501(c)(3) for approval as a § 501(c)(3) corporation with the Internal Revenue Service, or been so approved, and which is organized and operated with one of its principal purposes being to provide housing for low and moderate income persons.

(8) "Utility allowance" means an amount established by the executive department pursuant to § 42-11.2-10.

History of Section. (P.L. 1988, ch. 579, § 1; P.L. 2017, ch. 451, § 18.)