SECTION 150:15-1-4. Definitions

  When used in this chapter, the following words or terms shall have the following meaning, unless the context clearly indicates otherwise:

"Act" means the Housing and Community Development Act of 1974, as amended, 42 U.S.C., 5301 et seq. as amended.

"The Annual State Plan/Final Statement" means the federally required statement of state program objectives and method of program funds (including program income and recaptured funds) distribution reviewed for approval annually by HUD. The Annual State Plan/Final Statement will be developed annually by the Department in accordance with 24 CFR, Part 570 Subpart I, 570.488 et seq. and 24 CFR, Part 85, Subpart B, 85.11 through consideration of verbal and written public input obtained during input sessions and a federally required public hearing. Public input taken regarding the State Plan/Final Statement obtained from either the input sessions or public hearing may affect the content of the Agency's program rules.

"Department" means the Oklahoma Department of Commerce.

"HUD" means the United States Department of Housing and Urban Development.

"Leverage Funds: Community Development" means dollar value equivalents/resources in an Applicant's possession that the Applicant is willing to contribute toward the overall completion of a project proposal. This includes, but is not limited to, resources such as force account labor, materials, equipment, other cash funds regardless of their source.

"Leverage Funds: Economic Development" means new money contributed to the company for the express purpose of implementing the proposed project. The source of the new money may be cash or other valuable consideration, bank loans, proceeds from the sale of stock or bonds, or loans from other public agencies.

"Low and Moderate Income Household" means a household whose income does not exceed eighty percent (80%) of the median family income for the area as determined by the U.S. Department of Housing and Urban Development with adjustments for smaller and larger families. The Oklahoma Department of Commerce has adopted the aforementioned U.S. Department of Housing and Urban Development's program income limits and employs those income limits in its annual program Application and Applications Guidelines Packet.

"Units of Local Government" means incorporated towns/cities and counties that are not Community Development Block Grant program Entitlement Program participants.