Code of Maine Rules
99 - INDEPENDENT AGENCIES
346 - MAINE STATE HOUSING AUTHORITY
Chapter 7 - INDIAN HOUSING MORTGAGE INSURANCE PROGRAM RULE
Section 346-7-1 - Definitions

Universal Citation: 99 ME Code Rules ยง 346-7-1

Current through 2024-38, September 18, 2024

A. "Authority" means the Maine State Housing Authority, a body corporate and politic and an instrumentality of the State of Maine.

B. "Applicant" shall mean a tribal member who currently is or will be a resident of the Penobscot Tribal Reservation, the Indian Township Passamaquoddy Reservation, or the Pleasant Point Passamaquoddy Reservation and who applies for mortgage insurance under the Program.

C. "Lender" shall mean a financial institution authorized to do business in Maine and further, shall be that lender that originates mortgage loans insured under the Program.

D. "Committee" shall have the same meaning as set forth in Title 30-A M.R.S.A. §4933(5), as it may be amended from time to time.

E. "Demand for Insurance Payment" shall mean the formal written demand for a payment of mortgage insurance benefits submitted by a Lender to the Authority.

F. "Fund" means the Indian Housing Mortgage Insurance Fund as defined and established in Title 30-A M. R. S. A. §§ 4933(3) and 4934-A, both as may be amended from time to time.

G. "IHA" means either the Penobscot Tribal Reservation Housing Authority, Indian Township Housing Authority or Pleasant Point Indian Housing Authority.

H. "Loan" means either a permanent mortgage loan or a construction loan originated by a Lender that is insured by the Program.

I. "Loan Insurance Certificate" means the evidence of mortgage loan insurance provided under the Program, in a form determined by the Authority, that is delivered to a Lender.

J. "Loan Insurance Commitment" means the Authority's commitment to provide Loan insurance made available by the Program.

K. "Program" means the mortgage insurance program governed by the terms and conditions of this Rule.

L. "Property" means the real and related personal property customarily conveyed with the real property to be acquired by an Applicant that is financed by a Loan insured by the Program.

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