Terms Used In Montana Code 90-6-110

• Board: means the board of housing created in 2-15-1814. See Montana Code 90-6-103
• Contract: A legal written agreement that becomes binding when signed.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Housing development: means single-family homes, multifamily projects, housing for the elderly projects, nursing home projects, personal-care projects, and any work or undertaking financed in whole or in part under this part for the primary purpose of acquiring, constructing, or rehabilitating accommodations for persons or families of lower income in need of housing. See Montana Code 90-6-103
• Housing development costs: means the sum total of all costs incurred in a housing development approved by the board as reasonable and necessary, including but not limited to:

  (a)cost of land acquisition and any buildings on the land, including payments for options, deposits, or contracts to purchase properties on the proposed housing development site or payments for the purchase of properties;

  (b)cost of site preparation, demolition, and clearing;

  (c)architectural, engineering, legal, accounting, corporation, and other fees paid or payable in connection with the planning, execution, and financing of the housing development and the finding of an eligible mortgagee or mortgagees for the housing development;

  (d)cost of necessary studies, surveys, plans, and permits;

  (e)insurance, interest, financing, tax and assessment costs, and other operating and carrying costs during construction;

  (f)cost of construction, rehabilitation, reconstruction, fixtures, furnishings, equipment, machinery, apparatus, and similar facilities related to the real property;

  (g)cost of land improvements, including landscaping and offsite improvements, whether or not the costs have been paid in cash or in a form other than cash;

  (h)necessary expenses in connection with initial occupancy of the housing development;

  (i)a reasonable profit and risk fee in addition to job overhead to the general contractor and, if applicable, a limited-profit housing sponsor;

  (j)an allowance established by the board for working capital and contingency reserves and reserves for any anticipated operating deficits during construction and initial occupancy;

  (k)cost of other items, including tenant relocation, that the board determines to be reasonable and necessary for the housing development, less any net rents and other net revenue received from the operation of the real and personal property on the development site during the construction. See Montana Code 90-6-103

• Housing sponsor: means individuals, joint ventures, partnerships, limited partnerships, trusts, firms, associations, corporations, governmental agencies, limited-profit housing sponsors, nonprofit corporations, or other legal entities or any combination of the entities listed in this subsection that are:

  (a)approved by the board;

  (b)qualified to either own, construct, acquire, rehabilitate, operate, manage, or maintain a housing development;

  (c)subject to the rules of the board and other terms and conditions set forth in this part. See Montana Code 90-6-103

• Rehabilitation: means the repair, reconstruction, or improvement of an existing structure to provide decent, safe, and sanitary housing or to conform housing with state or local health, building, fire prevention, and safety codes as determined by the board. See Montana Code 90-6-103