New Hampshire Revised Statutes 204-C:56 – Definitions
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As used in this subdivision:
I. “Affordable housing” means:
(a) Housing whose combined rental and utility costs or combined mortgage loan debt services, property taxes and required insurance do not exceed 30 percent of the gross income of persons of low or moderate income, as the case may be.
(b) In cases where there is no direct federal or state rental assistance being provided to the unit or the tenant who occupies it, a housing unit may be deemed affordable if the monthly rent does not exceed
1/12 of the tenant’s pro rata share of the annual operating expenses, mortgage payments, and real estate taxes for the project; provided that:
(1) In no case shall depreciation of real or personal property be deemed an operating expense; and
(2) The rent does not exceed the applicable fair market rent, as published from time to time by the United States Department of Housing and Urban Development pursuant to the section 8 existing housing or “housing voucher” programs, 42 U.S.C. § 1437f.
(c) Notwithstanding any other provisions of this section, a unit which exceeds the fair market rent as defined in subparagraph I(b)(2) of this section may be deemed affordable by the housing finance authority if the authority makes the following specific findings:
(1) Assistance from the fund is necessary to prevent the displacement of low or moderate income tenants from a project in which the majority of tenants are of low or moderate income; and
(2) The applicant has made all reasonable efforts to obtain rental assistance for low or moderate income tenants who will be forced to pay more than 30 percent of their income for rent; and
(3) The rents proposed by the applicant are as low as the applicant can possibly charge without endangering the financial and physical integrity of the project.
II. “Eligible applicants” means:
(a) Nonprofit corporations which have obtained or are in the process of obtaining tax exempt status pursuant to section 501(c)(3) of the United States Internal Revenue Code. The authority shall not enter into any final grant or loan contract with a nonprofit corporation until the corporation’s tax exempt status has been obtained.
(b) Consumer cooperatives created pursuant to N.H. Rev. Stat. Chapter 301-A which limit the equity value of cooperative shares.
(c) Local housing authorities created pursuant to RSA 203.
(d) Units of local government.
(e) The New Hampshire housing finance authority.
(f) Regional planning commissions created pursuant to RSA 36.
(g) Limited partnerships, if the general partner is a nonprofit corporation which has obtained or is in the process of obtaining tax exempt status pursuant to section 501(c)(3) of the United States Internal Revenue Code.
(h) For-profit partnerships, corporations, proprietorships, or joint venture enterprises and all other business organizations.
III. “Fund” means the affordable housing fund established by N.H. Rev. Stat. § 204-C:57.
IV. “Person of low income” means any single individual or any family whose gross income is greater than 50 percent and less than or equal to 60 percent of the median income of, respectively, all single persons or all families, adjusted for number of members, residing in the applicable geographical area of the state.
V. “Person of moderate income” means any single individual or any family whose gross income is greater than 60 percent and less than or equal to 80 percent of the median income of, respectively, all single persons or all families, adjusted for the number of members, residing in the applicable geographical area of the state.
VI. “Person of very low income” means any single individual or any family whose gross income is less than or equal to 50 percent of the median income of, respectively, all single persons or all families, adjusted for the number of members, residing in the applicable geographical area of the state.
I. “Affordable housing” means:
Terms Used In New Hampshire Revised Statutes 204-C:56
- Authority: shall mean the New Hampshire housing finance authority. See New Hampshire Revised Statutes 204-C:1
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Housing: shall mean one or more new or existing dwelling units in the state financed pursuant to this chapter, including homes for persons with disabilities, mobile homes, prefabricated homes, any buildings, land, improvements, equipment, facilities or other real or personal properties which are deemed by the authority to be necessary, convenient, ancillary or desirable in connection with such dwelling units, and including, but not limited to, streets, sewers, utilities, parks, site preparation, off-site facilities, landscaping and other nonhousing facilities such as administrative, community, transportation, health, recreational, educational, commercial, retail, welfare and public facilities. See New Hampshire Revised Statutes 204-C:1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: shall mean a mortgage deed, deed of trust, or other instrument which shall constitute or create a security interest in tangible personal property constituting housing, or a lien on real property or on a leasehold under a lease having a remaining term, at any time such mortgage is acquired, which does not expire for at least that number of years beyond the maturity date of the obligation secured by such mortgage as is established by the authority as necessary to protect its interest as mortgagee. See New Hampshire Revised Statutes 204-C:1
- Personal property: All property that is not real property.
- real estate: shall include lands, tenements, and hereditaments, and all rights thereto and interests therein. See New Hampshire Revised Statutes 21:21
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- United States: shall include said district and territories. See New Hampshire Revised Statutes 21:4
(a) Housing whose combined rental and utility costs or combined mortgage loan debt services, property taxes and required insurance do not exceed 30 percent of the gross income of persons of low or moderate income, as the case may be.
(b) In cases where there is no direct federal or state rental assistance being provided to the unit or the tenant who occupies it, a housing unit may be deemed affordable if the monthly rent does not exceed
1/12 of the tenant’s pro rata share of the annual operating expenses, mortgage payments, and real estate taxes for the project; provided that:
(1) In no case shall depreciation of real or personal property be deemed an operating expense; and
(2) The rent does not exceed the applicable fair market rent, as published from time to time by the United States Department of Housing and Urban Development pursuant to the section 8 existing housing or “housing voucher” programs, 42 U.S.C. § 1437f.
(c) Notwithstanding any other provisions of this section, a unit which exceeds the fair market rent as defined in subparagraph I(b)(2) of this section may be deemed affordable by the housing finance authority if the authority makes the following specific findings:
(1) Assistance from the fund is necessary to prevent the displacement of low or moderate income tenants from a project in which the majority of tenants are of low or moderate income; and
(2) The applicant has made all reasonable efforts to obtain rental assistance for low or moderate income tenants who will be forced to pay more than 30 percent of their income for rent; and
(3) The rents proposed by the applicant are as low as the applicant can possibly charge without endangering the financial and physical integrity of the project.
II. “Eligible applicants” means:
(a) Nonprofit corporations which have obtained or are in the process of obtaining tax exempt status pursuant to section 501(c)(3) of the United States Internal Revenue Code. The authority shall not enter into any final grant or loan contract with a nonprofit corporation until the corporation’s tax exempt status has been obtained.
(b) Consumer cooperatives created pursuant to N.H. Rev. Stat. Chapter 301-A which limit the equity value of cooperative shares.
(c) Local housing authorities created pursuant to RSA 203.
(d) Units of local government.
(e) The New Hampshire housing finance authority.
(f) Regional planning commissions created pursuant to RSA 36.
(g) Limited partnerships, if the general partner is a nonprofit corporation which has obtained or is in the process of obtaining tax exempt status pursuant to section 501(c)(3) of the United States Internal Revenue Code.
(h) For-profit partnerships, corporations, proprietorships, or joint venture enterprises and all other business organizations.
III. “Fund” means the affordable housing fund established by N.H. Rev. Stat. § 204-C:57.
IV. “Person of low income” means any single individual or any family whose gross income is greater than 50 percent and less than or equal to 60 percent of the median income of, respectively, all single persons or all families, adjusted for number of members, residing in the applicable geographical area of the state.
V. “Person of moderate income” means any single individual or any family whose gross income is greater than 60 percent and less than or equal to 80 percent of the median income of, respectively, all single persons or all families, adjusted for the number of members, residing in the applicable geographical area of the state.
VI. “Person of very low income” means any single individual or any family whose gross income is less than or equal to 50 percent of the median income of, respectively, all single persons or all families, adjusted for the number of members, residing in the applicable geographical area of the state.