As used in this Chapter:

(1)        The term “substandard unit” means a housing unit which, by reason of dilapidation, deterioration, age or obsolescence, inadequate provision for ventilation, light, air, sanitation, or open spaces, high density of population and overcrowding, unsanitary or unsafe conditions, or the existence of conditions which endanger life or property by fire and other causes, or any combination of such factors, is conducive to ill health, transmission of disease, or has an adverse effect upon the public health, safety, morals or welfare of its inhabitants.

(2)        The term “Partnership” means the North Carolina Housing Partnership.

(3)        The term “Agency” means the North Carolina Housing Finance agency.

(4)        The term “Fund” means the North Carolina Housing Trust Fund.

(5)        The term “Treasurer” means the North Carolina State Treasurer.

(6)        The term “affordable housing unit” means a unit for which an occupant is paying no more than thirty percent (30%) of gross monthly household income for rent and utilities.

(7)        The term “Stripper Well Litigation Funds” means funds received by North Carolina, and all interest and other income generated by such funds, pursuant to the Settlement Agreement that was approved by Order of the Court, dated July 7, 1986, in In re: The Department of Energy Stripper Well Exemption Litigation M.D.L. No. 378 (D. Kan.).

(8)        The term “Diamond Shamrock Litigation Funds” means funds received by North Carolina, and all interest and other income generated by such funds, pursuant to the Order of the Court, dated June 6, 1986, in Diamond Shamrock Refining and Marketing Co. v. Standard Oil Co., Civil Action No. C2-84-1432 (S.D. Ohio). (1987, c. 841, s. 1.)