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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 330. Oklahoma Housing Finance Agency |
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Chapter 30. Multifamily Housing Bond Program |
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Subchapter 2. General Provisions |
SECTION 330:30-2-2. Definitions
Latest version.
- Masculine words, whenever used in this Chapter, shall include the feminine and neuter, and the singular includes the plural, unless otherwise specified. The following words or terms, when used in this Chapter shall have the following meaning, unless the context clearly indicates otherwise. Additional capitalized terms used in these Chapter 30 Rules are defined in the Code and these Chapter 30 Rules. When a conflict exists between the following definitions and the Code, the more restrictive meaning shall be applied."Affiliate" means any Person that directly or indirectly through one (1) or more intermediaries, Controls, is Controlled By, or is Under Common Control With any other Person."Applicant" means any Person and each Affiliate of such Person, which has submitted an Application to OHFA seeking financing under this Chapter. Applicant includes the Owner and Owner's predecessor in interest, if any, and includes any successor in interest, Transferee of all or any portion of the Development, and the heirs, executors, administrators, devisees, successors and assigns of any purchaser, grantee, Transferee Owner or lessee (other than a Resident) of all or any portion of the Development, and any other Person or entity having any right, title, or interest in the Development."Application" means an Application, in the form prescribed by OHFA, from time to time, including all exhibits and other materials filed by an Applicant with OHFA in support, or in connection with financing under this Chapter."Application Packet" (referred to in these Rules as the "AP") means the Application in the form prescribed by OHFA annually, together with instructions and such other materials provided by OHFA to any Person requesting the same for the purpose of seeking to obtain from OHFA MF bonds. OHFA will solicit formal public input on the AP from interested parties, and provide explanation of any significant changes. Staff will present the following year's proposed AP to the Trustees for formal approval at a Trustees meeting. The AP may include definitive statements of what shall constitute Threshold Criteria, priorities, preferences, and compliance and monitoring requirements as may be authorized by or provided for in the Code and these Rules, and may include the necessary forms, instructions and requirements for Applications, market studies, Commitments, Agreements, elections, OHFA staff evaluation criteria for Threshold Criteria, compliance monitoring, and other matters deemed by Trustees, in their complete discretion, to be relevant to the process of evaluation of Applications and the Applicants in connection with the award or denial of MF Bonds."Area Median Gross Income" means the median Gross Income adjusted for household size, for the county or counties where each Building in a Development is located as determined and published annually by HUD."Bond Documents" means and may include, but is not limited to the bond purchase agreement, Preliminary Official Statement, the Official Statement and any other official documents of the Bond Indenture."Bond Indenture" or "Bond Trust Indenture" means the indenture of trust or other contract pursuant to which OHFA issues MF Bonds or other forms of indebtedness to secure proceeds with which to finance the Development pursuant to this Chapter."Borrower" means the Person holding title to the Development and who is financially responsible to MF Bond holders through the Trustee Bank for repayment of the related MF Bonds secured by the Development."Building" means a property containing residential Housing Units located on the Land and included in the Development. In the event more than one Building is located on the Land, each Building must be treated as part of the Development."Capital Needs Assessment" (CNA) means a qualified professional's opinion of a property's current physical condition determined after a physical inspection of the interior and exterior of the units and structures."Closing" means the execution and delivery of the OHFA MF Bonds and the Bond Documents pursuant to, and in accordance with, the Final Resolution of the OHFA Trustees."Code" means the Internal Revenue Code of 1986, as amended and supplemented, together with applicable rules and regulations, revenue rulings, guidelines, releases, pronouncements, notices or procedures promulgated thereunder or referred to therein or in the applicable rules and regulations."Compliance Period" means the period commencing on the later of the first day on which at least ten percent (10%) of the residential rental units in the Development are occupied or the issue date of the Qualified 142(d) Bonds issued to acquire such facility and ending on the latest of the following: (A) the date that is fifteen years after the date on which at least fifty percent (50%) of the residential rental units in the Development are first occupied; (B) the first day on which no MF Bonds are outstanding."Control" (including the terms "Controls", "Controlling", "Controlled By", and "Under Common Control With") means the possession, directly or indirectly, or the power to direct or cause the direction of the management and policies of any other Person, whether through an ownership interest in the other Person, by contract, agreement, understanding, designation, office or position held in or with the other Person or in or with any other Person, or by coercion, or otherwise."Developer" means the Person or entity with the responsibility of ensuring the effective construction or rehabilitation of the Development, which may also be the Applicant and/or Owner of the Development. Developer also includes any other Person or organization affiliated with, Controlled by, in Control of or a related party to, the Developer, as determined by OHFA."Development" means the Land and one (1) or more Buildings, structures, or other improvements now or hereafter constructed or located upon the Land. If more than one (1) Building is to be part of the Development, each Building must be financed under a common plan."Development Team" means the Applicant, Borrower, Developer, Owner, and the Affiliates and principals of each, the architect, general contractor, appraiser, market analyst, tax professional/accountant, attorney, consultant and property management company."Due Date" if a Due Date for submission of documents or fees falls on a weekend or a designated federal holiday, then the Due Date becomes the next business day."Final Resolution" or "Financing Resolution" means a Resolution duly approved and adopted by the Trustees approving a Development and its financing by OHFA. This Resolution may be combined with or represented by any other Resolution pertaining to the Development and its financing by OHFA, except the Inducement Resolution."HUD" means the United States Department of Housing and Urban Development."Inducement Resolution" means a Resolution adopted by OHFA Trustees pertaining to a specific Development which must be approved and adopted by OHFA Trustees at a separate meeting not less than thirty (30) days prior to the adoption of the Final Resolution."Land" means the site(s) for each Building in the Development and having the legal description set forth described in the regulatory agreement."OHFA" means Oklahoma Housing Finance Agency, a State beneficiary public trust."Nonprofit" means a private Nonprofit organization that is organized under State or local laws; has no part of its net earnings inuring to the benefit of any member, founder, contributor, or individual; is neither Controlled By, nor under the direction of, individuals or entities seeking to derive profit or gain from the organization; has a tax exemption from the Internal Revenue Service under section 501(c) (3) or (4) of the Internal Revenue Code of 1986; does not include a public body; has among its purposes the provision of decent housing that is affordable to low-income persons, as evidenced in its charter, articles of incorporation, resolutions or by-laws; and, has at least a one year history of providing affordable housing, and is duly qualified to do business within the State."Owner" means the legal Owner of record of the Development, as set forth in the regulatory agreement and any and all successors(s) in interest. Owner also means any other Person or entity having or acquiring any right, title, or interest in the Development."Person" means, without limitation, any natural person, corporation, partnership, limited partnership, joint venture, limited liability company, limited liability partnership, trust, estate, association, cooperative, government, political subdivision, agency or instrumentality, Community Housing Development Organization (CHDO), interlocal cooperative, or other organization of any nature whatsoever, and shall include any two or more Persons acting in concert toward a common goal, or any other legally recognized entity, or any combination of the foregoing acting in concert."Program Rules" means the various written criteria, requirement, rules, and policies adopted from time to time by the Trustees to administer the MF Bond Program and to provide for issuance of OHFA MF bonds. The Program Rules must be followed by any participant in the Program. The Program Rules may include requirements that are more stringent than those under Code or other State requirements."Qualifying Households" means households whose annual Incomes do not exceed the elected area median family income set-aside required in the Code."Rehabilitation Expenditures" means amounts that are capitalized and incurred for the addition to or improvement of an existing Building of a character subject to the allowance for depreciation under Section 167 of the Code. However, it does not include the costs of acquiring a Building or an interest in it, for example, any Developer fee properly allocated in acquiring a Building or any other soft costs or any amount not permitted by the Code."Resident" means an individual or group of individuals (other than an Owner) residing in a housing unit."Resolution" means an official action by OHFA Trustees and may include all Resolutions adopted by the Trustees with respect to a Development."Site Control" means the exercise of dominion or Control over the property through the execution of a purchase, sale, or long-term lease agreement (with a lease term that exceeds the Compliance Period), receipt of a deed or conveyance of the Land where the Development will be located, or an option to purchase the property (where the option is not revocable on the part of the seller). OHFA alone will decide if an Applicant or Owner has obtained Site Control."State" means the State of Oklahoma."Transfer" means any sale, Transfer, merger, consolidation, liquidation, contribution, assignment, exchange or other change in all or part of the Ownership of the Land and/or Development or any Building which is a part thereof, whether voluntary or involuntary, and also includes: a Transfer, sale, contribution or assignment by the Applicant, Owner or Developer of all or any part of its rights, title or interest in the Application, Credit, Land, Building and/or Development to another party; or a withdrawal, change or addition of any partner to a general partnership, general partner of a limited partnership, any party to a joint venture or the manager of a limited liability company."Transferee" means any and all successor(s) in interest of Owner and any other Person or entity having or acquiring any right, title, or interest in the Development."Trustee Bank" means the bank selected by OHFA to act as trustee under the Bond Indenture executed by OHFA in connection with OHFA's financing of a Development pursuant to this Chapter."Trustees" means the Board of Trustees of OHFA.