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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 60. Housing Trust Fund Program |
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Subchapter 1. General Provisions |
SECTION 330:60-1-4. 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 and terms, when used in this chapter, shall have the following meanings unless the context clearly indicates otherwise."Activity" means any Development or eligible Funding Activity allowed under this Chapter's Rules."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 Funding under this Chapter. Applicant includes the Owner, any other Person or entity having any right, title, or interest in the Development or Activity, and any other successors in interest."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 Funding under this Chapter. OHFA will solicit formal public input on the Application, and provide explanation of any significant changes. Staff will present the proposed Application to the Trustees for approval at a Trustee's meeting."Awardee" means any Person receiving OHTF Funding through OHFA."Control" (including the terms "Controls", "Controlling", "Controlled By", and/or "Under Common Control With") means the possession, directly or indirectly, of 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."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."Extremely low-income" means a household whose total annual income does not exceed thirty percent (30%) of median household income for the area as determined by HUD, with adjustments for household size."Homeless and Chronically Homeless" means the definition(s) as set by HUD and which may be updated from time to time."Housing Trust Fund Documents" (including the terms "Documents", and "OHTF Documents") means and may include, but is not limited to, the written agreement, loan agreement, promissory note, and OHTF Application Packet."HUD" means the United States Department of Housing and Urban Development."Land" means the site(s) for each building in the Development."Low-income" means a household whose total annual income does not exceed eighty percent 80% of the median household income for the area as determined by HUD, with adjustments for household size."Moderate-income" means a household whose total annual income does not exceed one hundred twenty percent (120%) of the median household income for the area as determined by HUD, with adjustments for household size."OHFA" means Oklahoma Housing Finance Agency, a State beneficiary public trust."OHTF Application Packet" means the Application and accompanying forms developed periodically by OHFA staff."OHTF Funds" (including the term "Funds" or "Funding") means any monies for the OHTF Program."OHTF Program" (including the term "Program") means the Oklahoma Housing Trust Fund Program."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 (including, but not limited to, incorporated towns, cities, and counties, their trusts and authorities, and state trusts), agency or instrumentality, Community Housing Development Organization (CHDO), interlocal cooperative, nonprofit and for-profit organizations, Native American Tribes (including, but not limited to, housing authorities and trusts) 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."State" means the State of Oklahoma."State Statute" means 74 O.S. Supp 1997, Sections 2901.1-2901.4, as amended."Term of Affordability" means the length of time a Development or Activity must satisfy the OHTF requirements as determined in the OHTF Application Packet."Trustees" means the Board of Trustees of OHFA."Very low-income" means a household whose total annual income does not exceed fifty percent (50%) of median household income for the area as determined by HUD, with adjustments for household size.