MAINE STATE HOUSING AUTHORITY home improvement loan
SINGLE FAMILY HOME IMPROVEMENT LOAN PROGRAMS
Summary: The Maine State Housing Authority may offer mortgage financing for the improvement of single family housing for persons of low or moderate income, including without limitation, rehabilitation, home replacement, emergency repairs, lead paint mitigation, accessibility improvements, and energy efficiency improvements. This rule governs program design, eligibility standards, mortgage standards, and construction standards for mortgage financing of improvements to single family homes.
1. Definitions.
A. “Act” means the Maine Housing Authorities Act, 30-A M.R.S.A. §4701, et seq.
B. “Applicant” means the individual, municipality or entity applying for funds governed by this rule. Depending on the Program design, an Applicant will be (i) a Low or Moderate Income Person who owns and occupies a Single Family Home or (ii) a party who seeks to provide administrative functions or other services for the benefit of Low or Moderate Income Persons who own and occupy a Single Family Home.
C. “Beneficiary” means a Low or Moderate Income Person who owns and occupies a Single Family Home improved with funds governed by this rule.
D. “Director” means the director of MSHA.
E. “Funding Commitment” means MSHA’s official notification to an Applicant indicating that its application has been approved and stating the terms of a prospective financing.
F. “General Mortgage Purchase Bond Resolution” means a resolution adopted by MSHA on February 4, 1972, as amended and supplemented, which authorizes MSHA to issue bonds for the purchase of first lien single-family and multifamily mortgages.
G. “Governmental Entity” means a state or federal agency or instrumentality.
H. “HOME Investment Partnerships Act” means Title II of the Cranston-Gonzales National Affordable Housing Act, as amended, 42 U.S.C. 12701, et seq., and the HOME Investment Partnerships Program Final Rule, 24 C.F.R. Part 92, published September 16, 1996 with May 28, 1997 technical corrections and August 22, 1997 amendments.
I. “Low or Moderate Income Persons” means persons or families whose income is lower than limits established by MSHA for a particular Program, based on criteria determined by MSHA which may include without limitation market conditions, interest rates, availability of housing, geography, family size, and need.
J. “MSHA” means the Maine State Housing Authority, a body corporate and politic and an instrumentality of the State of Maine, and its agents, contractors, and employees duly authorized to act on its behalf.
K. “Program” means an offering of mortgage financing in the form of amortizing debt, forgivable loans, grants, or a combination of the foregoing available to prospective eligible Applicants and Beneficiaries on certain terms and for certain purposes determined by MSHA pursuant to this rule.
L. “Program Guide” means the written procedural and administrative guide for a particular Program governed by the terms and conditions of this rule.
M. “Project” means a Single Family Home owned by a Low or Moderate Income Person and improved or to be improved with funds pursuant to a Program. home improvement loans
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