North Dakota Code 54-17-07.2 – Definitions
As used in sections 54-17-07.1 through 54-17-07.7 and section 54-17-07.10:
Terms Used In North Dakota Code 54-17-07.2
- Individual: means a human being. See North Dakota Code 1-01-49
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
1. “Lenders” means any bank or trust company chartered by the state of North Dakota or any national banking association located in North Dakota, state or federal savings and loan association located in North Dakota, and federal housing administration approved mortgagee or other mortgage banking institutions actively engaged in home mortgage lending in North Dakota approved by the industrial commission.
2. “Multifamily housing facility” means any facility containing four or more residential dwelling units; provided, that at least twenty percent of the units in each facility must be held for occupancy by persons or families of low and moderate income for such period of time as the industrial commission may determine and may include such related public or private facilities intended for commercial, cultural, recreational, community, or other civic purpose as the commission may approve.
3. “Persons and families of low or moderate income” means persons or families whose financial means are insufficient, taking into account such factors as the industrial commission shall deem relevant, to secure decent, safe, and sanitary housing provided by private industry without the financial assistance afforded by the housing finance programs of the commission.
4. “Single-family residential dwelling unit” means any residential real property that:
a. Is designed for occupancy by one to four individual households; b. Is an individual condominium or equity cooperative unit; or
c. Is an individual nonrental dwelling unit the ownership of which includes rights of facilities in common.