- a business concern that provides economic opportunities
means a business concern that—
- actual cost
means the cost to the borrower of the improvement, including the amounts paid for labor, materials, construction contracts, off-site public utilities, streets, organization and legal expenses, such allocations of general overhead items as are acceptable to the Secretary, and other items of expense approved by the Secretary, plus a reasonable allowance for builder’s profit if the borrower is also the builder, as defined by the Secretary, and excluding the amount of any kickbacks, rebates, or trade discounts received in connection with the improvement.
- actuarial method
means the method of allocating payments made on a debt between the outstanding balance of the obligation and the precomputed finance charge pursuant to which a payment is applied first to the accrued precomputed finance charge and any remainder is subtracted from, or any deficiency is added to, the outstanding balance of the obligation;
- Administrator
means the Administrator of the Federal Energy Administration;
- affiliate of the purchaser
means any person or entity (including, but not limited to, a general partner or managing member, or an officer of either) that controls an owner or purchaser, is controlled by an owner or purchaser, or is under common control with the owner or purchaser;
- any person
shall mean any person or entity that owns or operates a property, as identified in the regulatory agreement, including but not limited to—
- applicable collection period
means the 5-year period ending on the last day of the calendar quarter for which information under this section is collected.
- applicable individual
means an individual who—
- approved financial institution or mortgagee
means a financial institution or mortgagee approved by the Secretary under section 1709 of this title as responsible and able to service mortgages responsibly.
- approved percentage
means the percentage figure which, under applicable provisions of this chapter, the Secretary is authorized to apply to his estimate of value, cost, or replacement costs, as the case may be, of the property or project in determining the maximum insurable mortgage amount;
- area
means a metropolitan statistical area as established by the Office of Management and Budget;
- asset control area
means the area established by a preferred purchaser pursuant to paragraph (4)(B)(i).
- asset property
means—
- assisted living facility
has the meaning given such term in section 1715w(b) of this title;
- base loan
means any mortgage loan for a residential building eligible for insurance under title II of the National Housing Act [12 U.S.C. 1707 et seq.] or title 38 that does not include the cost of cost-effective energy improvements.
- Board
means the Advisory Board for the HOPE for Homeowners Program.
- board and care home
means any residential facility providing room, board, and continuous protective oversight that is regulated by a State pursuant to the provisions of section 1616(e) of the Social Security Act [42 U.S.C. 1382e(e)], so long as the home is located in a State that, at the time of an application is made for insurance under this section, has demonstrated to the Secretary that it is in compliance with the provisions of such section 1616(e);
- capital
means the economic net worth of the Mutual Mortgage Insurance Fund, as determined by the Secretary under the annual audit required under section 1735f–16 of this title.
- capital ratio
means the ratio of capital to unamortized insurance-in-force.
- child
means, with respect to a mortgagor under such section, a son, stepson, daughter, or stepdaughter of such mortgagor.
- common areas and facilities
includes the land and such commercial, community, and other facilities as are approved by the Secretary.
- community development corporation
means a nonprofit organization whose primary purpose is to promote community development by providing housing opportunities for low-income families.
- contract mortgagee
means a person or entity under a contract with the Secretary that provides for the assignment of a single-family mortgage from the Secretary to the person or entity for the purpose of pursuing foreclosure.
- control
means the direct or indirect power (under contract, equity ownership, the right to vote or determine a vote, or otherwise) to direct the financial, legal, beneficial or other interests of the owner or purchaser;
- control area
means an area designated by the Secretary under paragraph (7)(E).
- cost recovery basis
means, with respect to any sale of a residential property by the Secretary, that the purchase price paid by the purchaser is equal to or greater than the sum of: (i) the appraised value of the property, as determined in accordance with such requirements as the Secretary shall establish;
- cost-effective
means, with respect to energy efficiency improvements to a residential building, improvements that result in the total present value cost of the improvements (including any maintenance and repair expenses) being less than the total present value of the energy saved over the useful life of the improvement, when 100 percent of the cost of improvements is added to the base loan.
- counseling target area
means an area designated by the Secretary under paragraph (7)(A).
- covered assistance
means any grant or other financial assistance provided under this section.
- covered mortgage loan
means any loan which is secured by a first or subordinate lien on residential real property (including individual units of condominiums and housing cooperatives) or stock or membership in a cooperative ownership housing corporation designed principally for the occupancy of between 1 and 4 families that is—
- credit score
means a numerical value or a categorization created by a third party derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default;
- creditor
means a person or entity that is servicing a home loan on behalf of itself or another person or entity.
- Department of Hawaiian Home Lands
means the agency or department of the government of the State of Hawaii that is responsible for the administration of the Hawaiian Homes Commission Act, 1920 (42 Stat. 108 et seq.).
- depository institution
means—
- designated census tract
means a census tract located within a metropolitan statistical area, as defined pursuant to regulations issued by the Secretary of Commerce.
- developed lot
includes an interest in a condominium project (including any interest in the common areas) or a share in a cooperative association;
- displaced homemaker
means an individual who—
- displaced person
shall mean a family or families, or a person, displaced from an urban renewal area, or as a result of governmental action, or as a result of a major disaster as determined by the President pursuant to the Disaster Relief and Emergency Assistance Act [42 U.S.C. 5121 et seq.].
- distressed mortgagor
means an individual who—
- downpayment
means the amount of purchase price of home required to be paid at or before the time of purchase.
- due-on-sale clause
means a contract provision which authorizes a lender, at its option, to declare due and payable sums secured by the lender’s security instrument if all or any part of the property, or an interest therein, securing the real property loan is sold or transferred without the lender’s prior written consent;
- economic net worth
means the current cash available to the Fund, plus the net present value of all future cash inflows and outflows expected to result from the outstanding mortgages in the Fund.
- elderly families
means families which consist of two or more persons the head of which (or his spouse) is sixty-two years of age or over or is handicapped.
- elderly person
means any person, married or single, who is sixty-two years of age or over;
- eligible asset
means any of the following categories of assets of the Secretary, unless the Secretary determines at any time that the asset property is economically or otherwise infeasible to rehabilitate or that the best use of the asset property is as open space (including park land):
- eligible entity
means a Native Hawaiian family, the Department of Hawaiian Home Lands, the Office of Hawaiian Affairs, and private nonprofit or private for-profit organizations experienced in the planning and development of affordable housing for Native Hawaiians.
- eligible homebuyer
means a homebuyer that meets the requirements under paragraph (5)(B).
- eligible homeowner
means a homeowner eligible for counseling under paragraph (4).
- eligible mortgage
means a mortgage—
- eligible multifamily housing
means any housing financed by a loan or mortgage that is (A) insured or held by the Secretary under subsection (d)(3) and assisted under section 1701s of this title or section 8 of the United States Housing Act of 1937 [42 U.S.C. 1437f];
- energy conserving improvements
means the purchase and installation of weatherization materials as defined in section 6862(9) of title 42;
- energy efficient mortgage
means a mortgage on a residential building that recognizes the energy savings of a home that has cost-effective energy saving construction or improvements (including solar water heaters, solar-assisted air conditioners and ventilators, super-insulation, and insulating glass and film) and that has the effect of not disqualifying a borrower who, but for the expenditures on energy saving construction or improvements, would otherwise have qualified for a base loan.
- Established investment
shall mean the amount of the reasonable costs, as approved by the Secretary, incurred by the investor in, and necessary for, carrying out all works and undertakings for the development of a project and shall include the premium charge for the first operating year and the cost of all necessary surveys, plans and specifications, architectural, engineering, or other special services, land acquisition, site preparation, construction, and equipment;
- Estimated investment
shall mean the estimated cost of the development of the project, as stated in the application submitted to the Secretary for insurance under this subchapter.
- executive officer
has the meaning given the term in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 [12 U.S.C. 4502].
- existing senior mortgage
means, with respect to a mortgage insured under this section, the existing mortgage that has superior priority.
- existing subordinate mortgage
means, with respect to a mortgage insured under this section, an existing mortgage that has subordinate priority to the existing senior mortgage.
- family
means 1 or more persons maintaining a household, as the Secretary shall by regulation provide.
- family member
means, with respect to a mortgagor under such section, a child, parent, or grandparent of the mortgagor (or the mortgagor’s spouse).
- Federal mortgage agency
means—
- federally assisted rental housing for the elderly or handicapped
means any rental housing project that—
- federally related mortgage loan
means any loan which—
- financial institution
means a lender approved by the Secretary as eligible for insurance under section 1703 of this title or a mortgagee approved under section 1709(b)(1) of this title.
- fire safety equipment
means any device or facility which is designed to reduce the risk of personal injury or property damage resulting from fire and is in conformity with such criteria and standards as shall be prescribed by the Secretary;
- first mortgage
means such classes of first liens as are commonly given to secure advances (including but not being limited to advances during construction) on, or the unpaid purchase price of, real estate under the laws of the State, in which the real estate is located, together with the credit instrument or instruments, if any, secured thereby, and may be in the form of trust mortgages or mortgage indentures or deeds of trust securing notes, bonds, or other credit instruments.
- first-time homebuyer
means an individual who—
- formerly subsidized project
means a multifamily housing project owned by the Secretary that was a subsidized project immediately prior to its acquisition by the Secretary.
- frail elderly
means an elderly person who is unable to perform at least 3 activities of daily living adopted by the Secretary for purposes of this program.
- frail elderly person
has the meaning given the term in section 8011(k) of title 42.
- group practice facility
means a facility in a State for the provision of preventive, diagnostic, and treatment services to ambulatory patients (in which patient care is under the professional supervision of persons licensed to practice medicine or osteopathy in the State or, in the case of optometric care or treatment, is under the professional supervision of persons licensed to practice optometry in the State, or, in the case of dental diagnosis or treatment, is under the professional supervision of persons licensed to practice dentistry in the State, or, in the case of podiatric care or treatment, is under the professional supervision of persons licensed to practice podiatry in the State) and which is primarily for the provision of such health services by a medical or dental group.
- group practice unit or organization
means—
- Guarantee Fund
means the Indian Housing Loan Guarantee Fund established under subsection (i).
- Hawaiian home lands
means all lands given the status of Hawaiian home lands under section 204 of the Hawaiian Homes Commission Act of 1920 (42 Stat. 110), or under the corresponding provision of the Constitution of the State of Hawaii adopted under section 4 of the Act entitled “An Act to provide for the admission of the State of Hawaii into the Union”, approved March 18, 1959 (73 Stat. 5).
- historic structures
means residential structures which are registered in the National Register of Historic Places or which are certified by the Secretary of the Interior to conform to National Register criteria;
- home
includes any dwelling or dwelling unit eligible for a qualified mortgage, and includes a unit in a condominium project, a membership interest and occupancy agreement in a cooperative housing project, and a manufactured home and the lot on which the home is situated.
- home equity conversion mortgage
means a first mortgage which provides for future payments to the homeowner based on accumulated equity and which a housing creditor (as defined in section 3802(2) of this title) is authorized to make (A) under any law of the United States (other than section 3803 of this title) or applicable agency regulations thereunder;
- home improvement loan
means a loan, advance of credit, or purchase of an obligation representing a loan or advance of credit made—
- home loan
means a loan secured by a mortgage or lien on residential property.
- homeowner
means a person who is obligated under a home loan.
- homeownership counseling
means counseling related to homeownership and residential mortgage loans.
- hospital
means a facility—
- housing
means eight or more new or rehabilitated living units, not less than 50 per centum of which are specially designed for the use and occupancy of elderly persons;
- housing accommodations
means housing designed for occupancy by military personnel and their dependents, assigned to duty at or near the military installation where such housing units are constructed.
- housing owner
means a private nonprofit corporation or other private nonprofit legal entity, a limited dividend corporation or other limited dividend legal entity, or a cooperative housing corporation, which is a mortgagor under section 221(d)(3) of the National Housing Act [12 U.S.C. 1715l(d)(3)] and which, after August 10, 1965, has been approved for mortgage insurance thereunder and has been approved for receiving the benefits of this section: Provided, That, except as provided in subsection (j), no payments under this section may be made with respect to any property financed with a mortgage receiving the benefits of the interest rate provided for in the proviso in section 221(d)(5) of that Act [12 U.S.C. 1715l(d)(5)].
- improvement
means conservation, repair, restoration, rehabilitation, conversion, alteration, enlargement, or remodeling;
- income
means income from all sources of each member of the household, as determined in accordance with criteria prescribed by the Secretary, except that any amounts not actually received by the family may not be considered as income under this subsection.
- Indian
means person recognized as being Indian or Alaska Native by an Indian tribe, the Federal Government, or any State.
- Indian area
means the area within which an Indian housing authority or Indian tribe is authorized to provide housing.
- Indian housing authority
means any entity that— The term includes tribally designated housing entities under the Native American Housing Assistance and Self-Determination Act of 1996 [25 U.S.C. 4101 et seq.].
- Indian tribe
means any Indian tribe, band, nation, or other organized group or community of Indians, including any Alaska Native village or regional or village corporation as defined in or established pursuant to the Alaska Native Claims Settlement Act [43 U.S.C. 1601 et seq.], that is recognized as eligible for the special programs and services provided by the United States to Indians because of their status as Indians pursuant to the Indian Self-Determination and Education Assistance Act of 1975 [25 U.S.C. 5301 et seq.].
- individual dwellings
shall mean a family unit or family units, together with the undivided interest (or interests) in the common areas and facilities.
- Initial occupancy date
shall mean the last day of the calendar month in which 90 per centum in number of the dwellings in the project on the physical completion date shall have been occupied, but shall in no event be later than the last day of the sixth calendar month next following the physical completion date.
- insured community development financial institution
means a community development financial institution, as such term is defined in section 4702 of this title that is an insured depository institution (as such term is defined in section 1813 of this title) or an insured credit union (as such term is defined in section 1752 of this title).
- insured mortgage covering a tax credit project
means a mortgage insured under any provision of this subchapter that is executed in connection with the construction, rehabilitation, purchase, or refinancing of a multifamily housing project for which equity 1 provided through any low-income housing tax credit pursuant to section 42 of title 26.
- intermediate care facility
means a proprietary facility or facility of a private nonprofit corporation or association licensed or regulated by the State (or, if there is no State law providing for such licensing and regulation by the State, by the municipality or other political subdivision in which the facility is located) for the accommodation of persons who, because of incapacitating infirmities, require minimum but continuous care but are not in need of continuous medical or nursing services;
- Investor
shall mean (1) any natural person;
- knowingly
means having actual knowledge of or acting with deliberate ignorance of or reckless disregard for the prohibitions under this section.
- lender
means a person or government agency making a real property loan or any assignee or transferee, in whole or in part, of such a person or agency;
- low-income section of an urban area
means a section of a larger urban area in which the median family income is substantially lower, as determined by the Secretary, than the median family income for the area as a whole.
- lower income families
has the meaning given such term in section 1437a(b)(2) of title 42.
- manufactured home
includes any elder cottage housing opportunity unit that is small, freestanding, barrier-free, energy efficient, removable, and designed to be installed adjacent to an existing 1- to 4-family dwelling.
- market area
means a market area determined by the Secretary.
- maturity date
means the date on which the mortgage indebtedness would be extinguished if paid in accordance with the periodic payments provided for in the mortgage.
- medical or dental group
means a partnership or other association or group of persons licensed to practice medicine, osteopathy, or surgery in the State, or of persons licensed to practice optometry in the State, or of persons licensed to practice dentistry in the State, or of persons licensed to practice podiatry in the State, or of any combination of such persons, who, as their principal professional activity and as a group responsibility, engage or undertake to engage in the coordinated practice of their profession primarily in one or more group practice facilities, and who (in this connection) share common overhead expenses (if and to the extent such expenses are paid by members of the group), medical and other records, and substantial portions of the equipment and the professional, technical, and administrative staffs, and which partnership or association or group is composed of at least such professional personnel and make available at least such health services as may be provided in regulations prescribed under this subchapter.
- medical practice facility
means an adequately equipped facility in which not more than four persons licensed to practice medicine in the State where the facility is located can provide, as may be appropriate, preventive, diagnostic, and treatment services, and which is situated in a rural area or small town, or in a low-income section of an urban area, in which there exists, as determined by the Secretary, a critical shortage of physicians.
- metropolitan area
means a standard metropolitan statistical area as designated by the Director of the Office of Management and Budget.
- military
includes Army, Navy, Marine Corps, Air Force, and Coast Guard.
- Minimum annual amortization charge
shall mean an amount equal to 2 per centum of the established investment, except that, in the case of a project where the real property comprising the site thereof is held by the investor under a lease, if (notwithstanding the proviso of section 1747b(a) of this title) the gross income for any operating year shall be less than the amount required to pay the operating expenses (including the annual rental under such lease), the minimum annual amortization charge for such operating year shall mean an amount equal to 2 per centum of the established investment plus the amount of the annual rental under such lease to the extent that the same is not paid from the gross income.
- monthly homeownership expense
includes the monthly payment for principal, interest, mortgage insurance premium, insurance, and taxes due under the mortgage.
- mortgage
means a first mortgage on real estate in fee simple, or on the interest of either the lessor or lessee thereof (A) under a lease for not less than ninety-nine years which is renewable or (B) under a lease having a period of not less than fifty years to run from the date the mortgage was executed, upon which there is located or upon which there is to be constructed a building or buildings designed principally for residential use, or upon which there is located or to be constructed facilities for manufactured homes, and the term “first mortgage” means such classes of first liens as are commonly given to secure advances (including but not being limited to advances during construction) on, or the unpaid purchase price of, real estate under the laws of the State, in which the real estate is located, together with the credit instrument or instruments, if any, secured thereby, and may be in the form of trust mortgages or mortgage indentures or deeds of trust securing notes, bonds, or other credit instruments.
- mortgage charge rate
means the amount of mortgage charges for an insured mortgage expressed as a percentage of the initial principal amount of the mortgage.
- mortgage charges
includes the interest rate, discount points, loan origination fee, and any other amount charged to a mortgagor with respect to an insured mortgage;
- mortgagee
means the original lender under a mortgage, and its successors and assigns, and includes the holders of credit instruments issued under a trust mortgage or deed of trust pursuant to which such holders act by and through a trustee therein named.
- mortgagor
means the original borrower under a mortgage and its successors and assigns.
- multifamily housing
means housing accommodations on the mortgaged property that are designed principally for residential use, conform to standards satisfactory to the Secretary, and consist of not less than 5 rental units on 1 site.
- multifamily housing project
has the meaning given the term in section 1701z–11 of this title.
- native Hawaiian
means any descendant of not less than one-half part of the blood of the races inhabiting the Hawaiian Islands before January 1, 1778, or, in the case of an individual who is awarded an interest in a lease of Hawaiian home lands through transfer or succession, such lower percentage as may be established for such transfer or succession under section 208 or 209 of the Hawaiian Homes Commission Act of 1920 (42 Stat. 111), or under the corresponding provision of the Constitution of the State of Hawaii adopted under section 4 of the Act entitled “An Act to provide for the admission of the State of Hawaii into the Union”, approved March 18, 1959 (73 Stat. 5).
- net appreciated value
means the amount by which the sales price of the property or stock (less the mortgagor’s selling costs) exceeds the value of the property or stock at the time the commitment to insure is issued (with adjustments for capital improvements stipulated in the loan contract).
- net appreciation of the property
means any increase in the value of the property over the original purchase price, less the reasonable costs of sale, the reasonable costs of improvements made to the property, and any increase in the mortgage balance as of the time of sale over the original mortgage balance due to the mortgage being insured pursuant to section 1715z–10 1 of this title.
- new or rehabilitated multifamily housing
means a project or property approved for mortgage insurance prior to the construction or the repair and rehabilitation involved and covered by a mortgage insured or to be insured (i) under section 1713 of this title, (ii) under section 1715e of this title with respect to any property or project of a corporation or trust of the character described in paragraph (1) of subsection (a) of section 1715e of this title or with respect to any property or project of a mortgagor of the character described in paragraph (3) of subsection (a) thereof, (iii) under section 1715k of this title if the mortgage meets the requirements of paragraph (3)(B) of subsection (d) thereof, (iv) under section 1715l of this title if the mortgage meets the requirements of paragraph (3) or paragraph (4) of subsection (d) thereof, (v) under section 1715v of this title, (vi) under section 1715x of this title if the mortgage meets the requirements of subsection (b), (vii) under section 1748h–2 of this title if the mortgage meets the requirements of subsection (f), (viii) under section 1715y(d) of this title, or (ix) under section 1715z–1 of this title;
- nonprofit organization
has the meaning given such term in section 12704(5) of title 42, except that subparagraph (D) of such section shall not apply for purposes of this section.
- nursing home
means a public facility, proprietary facility or facility of a private nonprofit corporation or association, licensed or regulated by the State (or, if there is no State law providing for such licensing and regulation by the State, by the municipality or other political subdivision in which the facility is located), for the accommodation of convalescents or other persons who are not acutely ill and not in need of hospital care but who require skilled nursing care and related medical services, in which such nursing care and medical services are prescribed by, or are performed under the general direction of, persons licensed to provide such care or services in accordance with the laws of the State where the facility is located;
- Office of Hawaiian Affairs
means the entity of that name established under the constitution of the State of Hawaii.
- operating loss
means the amount by which the sum of the taxes, interest on the mortgage debt, mortgage insurance premiums, hazard insurance premiums, and the expense of maintenance and operation of the project covered by the mortgage, exceeds the income of the project.
- Operating year
shall mean the period of twelve consecutive calendar months next following the initial occupancy date and each succeeding period of twelve consecutive calendar months, and the period of the first twelve consecutive calendar months next following the initial occupancy date shall be the first operating year.
- owner
means a private nonprofit organization that receives assistance under this section to develop and operate supportive housing for the elderly.
- Physical completion date
shall mean the last day of the calendar month in which the Secretary determines that the construction of the project is substantially completed and substantially all of the dwellings therein are available for occupancy.
- precomputed finance charge
means interest or a time price differential within the meaning of sections 106(a)(1) and (2) of the Truth in Lending Act (15 U.S.C. 1605(a)(1) and (2)) as computed by an add-on or discount method;
- preexisting tenant
means, with respect to a multifamily housing project acquired pursuant to this section by a purchaser other than the Secretary at foreclosure or after sale by the Secretary, a family that resides in a unit in the project immediately before the acquisition of the project by the purchaser.
- preferred purchaser
means a purchaser described in paragraph (4).
- preservation
means restoration or rehabilitation undertaken for such purposes as are approved by the Secretary in regulations issued by him, after consulting with the Secretary of the Interior.
- private nonprofit organization
means—
- Project
shall mean a project (including all property, real and personal, contracts, rights, and choses in action acquired, owned, or held by the investor in connection therewith) of an investor designed and used primarily for the purpose of providing dwellings the occupancy of which is permitted by the investor in consideration of agreed charges: Provided, That nothing in this subchapter shall be construed as prohibiting the inclusion in a project of such stores, offices, or other commercial facilities, recreational or community facilities, or other nondwelling facilities as the Secretary shall determine to be necessary or desirable appurtenances to such project.
- property
includes a dwelling unit in such a cooperative project.
- public housing agency
has the meaning given such term in section 1437a(b)(6) of title 42.
- qualified housing finance agency
means any State or local housing finance agency that—
- qualified HUD property
means any property for which, as of the date that notification of the property is first made under paragraph (3)(B), not less than 6 months have elapsed since the later of the date that the property was acquired by the Secretary or the date that the property was determined to be unoccupied or substandard, that is owned by the Secretary and is—
- qualified mortgage
means a mortgage on a 1- to 4-family home that is insured under title II of the National Housing Act [12 U.S.C. 1707 et seq.].
- qualified participating entity
means an entity approved by the Secretary for participation in the pilot program under this subsection, which may include—
- qualified tenant
means any individual or family having an income which would qualify such individual or family for assistance under section 1437f of title 42, except that such term shall also include any individual or family who was receiving assistance under this section on the day preceding December 21, 1979, so long as such individual or family continues to meet the conditions for such assistance which were in effect on such day;
- qualifying smoke alarm
means a smoke alarm that—
- real estate
means land and all natural resources and structures permanently affixed to the land, including residential buildings and stationary manufactured housing.
- real property loan
means a loan, mortgage, advance, or credit sale secured by a lien on real property, the stock allocated to a dwelling unit in a cooperative housing corporation, or a residential manufactured home, whether real or personal property;
- rehabilitation
means the improvement (including improvements designed to meet cost-effective energy conservation standards prescribed by the Secretary) or repair of a structure, or facilities in connection with a structure, and may include the provision of such sanitary or other facilities as are required by applicable codes, a community development plan, or a statewide property insurance plan to be provided by the owner or tenant of the project.
- rehabilitation loan
means a loan, advance of credit, or purchase of an obligation representing a loan or advance of credit, made for the purpose of financing—
- reinsurance agreement
means a contractual obligation under which the Secretary, in exchange for appropriate compensation, agrees to assume a specified portion of the risk of loss that a lender or other party has previously assumed with respect to a mortgage on a multifamily housing property.
- remaining useful life
means, with respect to housing assisted under this section, the period during which the physical characteristics of the housing remain in a condition suitable for occupancy, assuming normal maintenance and repairs are made and major systems and capital components are replaced as becomes necessary.
- rental housing
means housing, the occupancy of which is permitted by the owner thereof in consideration of the payment of agreed charges, whether or not, by the terms of the agreement, such payment over a period of time will entitle the occupant to the ownership of the premises or space in a manufactured home court or park properly arranged and equipped to accommodate manufactured homes.
- rental housing counseling
means counseling related to rental of residential property, which may include counseling regarding future homeownership opportunities and providing referrals for renters and prospective renters to entities providing counseling and shall include counseling related to such topics that is provided pursuant to—
- rental housing project
includes a cooperative housing project;
- residential building
means any attached or unattached single family residence.
- residential manufactured home
means a manufactured home as defined in section 5402(6) of title 42 which is used as a residence;
- residential mortgage
has the meaning given the term in section 1451 of this title.
- residential property
means a 1-family residence, including a 1-family unit in a condominium project, a membership interest and occupancy agreement in a cooperative housing project, and a manufactured home and the lot on which the home is situated.
- Secretary
means the Secretary of Housing and Urban Development.
- Secretary-held single family mortgage
means a single-family mortgage held by the Secretary or by a contract mortgagee at the time of initiation of foreclosure that—
- service-enriched housing
means housing that—
- severe physical problems
means, with respect to a dwelling unit, that the unit—
- single family property
means a 1- to 4-family residence.
- single parent
means an individual who—
- single-family mortgage
means a mortgage that covers property on which is located a 1-to-4 family residence.
- slum or blighted area
means any area where dwellings predominate which, by reason of dilapidation, overcrowding, faulty arrangement or design, lack of ventilation, light or sanitation facilities, or any combination of these factors, are detrimental to safety, health, or morals.
- small town
means any town, village, or city having a population of not more than 10,000 inhabitants according to the most recent available data compiled by the Bureau of the Census;
- smoke alarm
has the meaning given the term “smoke detector” in section 2225(d) of title 15.
- solar energy system
means any addition, alteration, or improvement to an existing or new structure which is designed to utilize wind energy or solar energy either of the active type based on mechanically forced energy transfer or of the passive type based on convective, conductive, or radiant energy transfer or some combination of these types to reduce the energy requirements of that structure from other energy sources, and which is in conformity with such criteria and standards as shall be prescribed by the Secretary in consultation with the Secretary of Energy.2 (4) the terms “evaluation”, “reduction”, and “lead-based paint hazard” have the same meanings given those terms in section 4851b of title 42.
- standard housing
means a dwelling unit or housing that complies with the requirements established under subsection (j).
- State
means each of the several States, the Commonwealth of Puerto Rico, the District of Columbia, the Commonwealth of the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territories of the Pacific, or any other possession of the United States.
- State housing finance agency
means any public body, agency, or instrumentality specifically created under State statute that is authorised to finance activities designed to provide housing and related facilities throughout an entire State through land acquisition, construction, or rehabilitation.
- subsidized project
means a multifamily housing project that, immediately prior to the assignment of the mortgage on such project to, or the acquisition of such mortgage by, the Secretary, was receiving any of the following types of assistance:
- substandard
means, with respect to a multifamily housing project, that 25 percent or more of the dwelling units in the project have severe physical problems.
- substitute mortgagor
means a person who, upon the release by a mortgagee of a previous mortgagor from personal liability on the mortgage note, assumes such liability and agrees to pay the mortgage debt.
- supplemental loan
means a loan, advance of credit, or purchase of an obligation representing a loan or advance of credit made for the purpose of financing improvements or additions to such project, hospital, or facility: Provided, That a loan involving a nursing home, hospital, or a group practice facility may also be made for the purpose of financing equipment to be used in the operation of such nursing home, hospital, or facility.
- supplementary cooperative loan
means a loan, advance of credit, or purchase of an obligation representing a loan or advance of credit made for the purpose of financing any of the following:
- supportive housing for the elderly
means housing that is designed (A) to meet the special physical needs of elderly persons and (B) to accommodate the provision of supportive services that are expected to be needed, either initially or over the useful life of the housing, by the category or categories of elderly persons that the housing is intended to serve.
- tenant
includes a member of a cooperative;
- trust land
means land title to which is held by the United States for the benefit of an Indian or Indian tribe or title to which is held by an Indian tribe subject to a restriction against alienation imposed by the United States.
- trust or otherwise restricted land
means (A) that area of land, as defined by the Secretary of the Interior, over which an Indian tribe is recognized by the United States as having governmental jurisdiction;
- unamortized insurance-in-force
means the remaining obligation on outstanding mortgages which are obligations of the Mutual Mortgage Insurance Fund, as estimated by the Secretary.
- unit of general local government
means any city, county, parish, town, township, borough, village, or other general purpose political subdivision of a State.
- unoccupied
means, with respect to a residential property, that the unit of general local government having jurisdiction over the area in which the project is located has certified in writing that the property is not inhabited.
- unsubsidized project
means a multifamily housing project owned by the Secretary that is not a subsidized project or a formerly subsidized project.
- very low-income
has the same meaning as given the term “very low-income families” under section 1437a(b)(2) of title 42.
- veteran
means any person who served on active duty in the Armed Forces of the United States for a period of not less than ninety days (or is certified by the Secretary of Defense as having performed extrahazardous service), and who was discharged or released therefrom under conditions other than dishonorable, except that persons enlisting in the armed forces after September 7, 1980, or entering active duty after October 16, 1981, shall have their eligibility determined in accordance with section 5303A(d) of title 38;