As used in the Regional Housing Law:

Terms Used In New Mexico Statutes 11-3A-3

  • 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.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Personal property: All property that is not real property.
  • Trustee: A person or institution holding and administering property in trust.

A. “affordable housing” means housing that serves the needs of low- and moderate- income persons;

B. “affordable housing programs” means an ongoing delivery system of affordable housing services that assists persons of low- and moderate-income;

C. “federal government” includes the United States of America, programs of the United States department of housing and urban development, the farmers home administration and rural development administration of the United States department of agriculture or housing programs or any other agency or instrumentality, corporate or otherwise, of the United States of America;

D. “housing project” means an undertaking of an authority to:

(1)     demolish, clear or remove buildings from any slum area. The undertaking may embrace the adaptation of the area to public purposes, including parks or other recreational or community purposes; or

(2)     provide decent, safe and sanitary dwellings, apartments, single-family dwellings or other affordable living accommodations for low- and moderate-income persons. The undertaking may include buildings, land, equipment, facilities and other real or personal property for necessary, convenient or desirable appurtenances, streets, sewers, water service, parks, site preparation or gardening or administrative, community, health, recreational, welfare or other purposes. “Housing project” also may be applied to the planning of buildings and improvements, acquisition of property or existing structures, demolition of existing structures, construction, reconstruction, alteration and repair of improvements or buildings or any other work performed to complete housing projects;

E. “indebtedness” means any note, interim certificate, debenture or other obligation to be issued pursuant to the Regional Housing Law;

F. “local housing authority” means any municipal or county housing authority established by a municipality or county;

G. “local public body” means any county, municipality, commission, district or other political subdivision of the state;

H. “low-income person” means any individual, couple or family whose gross income does not exceed eighty percent of the person’s particular area median income and who cannot afford to pay more than thirty-five percent of gross annual income for housing rent or mortgage payments; or a low-income person as defined by the federal government;

I. “moderate-income person” means any individual, couple or family whose gross annual income is not less than eighty percent of the person’s particular area median income and does not exceed one hundred twenty percent of the area income;

J. “obligee” means:

(1)     a holder of indebtedness issued pursuant to the Regional Housing Law or a trustee for the holder of debt;

(2)     a lessor leasing to a regional housing authority or a local housing authority property used in connection with a housing project or any assignee of a lessor’s interest or partial interest; or

(3)     the federal government when it is a party to a contract with a regional housing authority or a local housing authority in regard to a housing project;

K. “real property” includes all lands, including improvements and fixtures on the land, property of any nature appurtenant to or used in connection with the land and every estate, interest and right, legal or equitable, in the land, including terms for years and liens by way of judgment, mortgage or other instrument and the indebtedness secured by the lien;

L. “regional housing authority” means any regional housing authority or a nonprofit housing corporation approved pursuant to Section 11-3A-9 N.M. Stat. Ann.; and

M. “slum” means any area where dwellings predominate, which by reason of dilapidation, overcrowding, lack of ventilation, light or sanitary facilities or any combination of these factors is detrimental to safety, health or morals.

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