§ 42-55.1-2. Definitions. Terms used in this chapter shall be defined as follows:

(1) "Limited equity housing cooperative" means a cooperative housing association or corporation organized and operated primarily for the benefit of low and moderate income persons, having articles of incorporation approved by the executive director of the Rhode Island housing and mortgage finance corporation, 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.

(2) "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.

(3) "Nonprofit housing development corporation" means a nonprofit corporation, which has been approved as a 26 U.S.C. § 501(c)(3) corporation by the Internal Revenue Service, and which is organized and operated primarily for the purpose of providing housing for low and moderate income persons.

History of Section. (P.L. 1988, ch. 617, § 1.)