Rhode Island Code of Regulations
Title 860 - Housing Resources Commission
Chapter 00 - N/A
Subchapter 00 - N/A
Part 1 - Rules and Regulations Governing the Building Homes Rhode Island Program (860-RICR-00-00-1)
Section 860-RICR-00-00-1.3 - Definitions

1. "Act" means the Rhode Island Housing Resources Commission Act of 1998 more particularly set forth in R.I. Gen. Laws Chapter 42-128, as amended.

2. "Affordable" means, in the case of a rental unit, a rent including utility costs, not to exceed 30% of the monthly income of a family with a gross annual income of 80% of Median Family Income; and, in the case of a home for sale to an Eligible Buyer, a sales price resulting in a monthly cost that does not exceed 30% of the monthly income of a family with a gross annual income of 120% of Median Family Income including the monthly cost of principal, interest, taxes, insurance, and condominium fees, if applicable.

3. "Approved affordable housing plan" means a plan prepared and adopted by a town or city to meet requirements of R.I. Gen. Laws Chapter 45-53 or to meet the requirements of R.I. Gen. Laws § 45-22.2-10(f) that has been reviewed and approved by the director of administration pursuant to R.I. Gen. Laws § 45-22.2-9.

4. "Approved monitoring agent" means a monitoring agent approved by Rhode Island Housing.

5. "Capacity" means demonstrated experience in successfully implementing financially sound housing programs as well as the ability to provide or coordinate necessary supportive services if applicable.

6. "Chair" means the Chair of the Rhode Island Housing Resources Commission, or designee.

7. "Commission" means the State of Rhode Island Housing Resources Commission, a public corporation existing under the Rhode Island Housing Resources Act of 1998, R.I. Gen. Laws § 42-128-1.

8. "Complete application" means an application submitted to the Commission including all completed application forms and certifications and meeting all eligibility requirements.

9. "Development" means a property which will provide apartments or for sale homes for eligible individuals and families and includes unit(s), site(s), or an entire building. Development includes all the activities associated with the site and building.

10. "Development budget" means the sources and uses budget submitted with a Proposal by an Eligible Developer. The Development Budget shall set forth in reasonable detail to the satisfaction of the Commission all estimated costs and expenses of the Development and sources to finance the Development through the lease-up and/or sale of the Development.

11. "Eligible buyer" means a family, individual, or unrelated persons living together with a gross annual income that does not exceed 120% of the Median Family Income.

12. "Eligible renter" means a family, individual, or unrelated persons living together whose gross annual income does not exceed 80% of Median Family Income.

13. "Eligible developer" means:

14. "Eligible property" means any

15. "Family" means a household with or without children.

16. "HUD" means the United States Department of Housing and Urban Development.

17. "Income" shall be defined as gross annual income which includes but is not limited to: gross wages, salaries, overtime pay, commissions, fees, tips, bonuses, public assistance, retirement and pension benefits, Workmen's Compensation, Temporary Disability Insurance, Supplemental Security Income (SSI), and interest income from assets.

18. "Loan documents" shall mean collectively,

19. "Low/Mod Act" means the requirements at R.I. Gen. Laws Chapter 45-53.

20. "Median family income" means the published median family income of the area, as determined by the United States Department of Housing and Urban Development, adjusted for family size.

21. "Mixed-use development" means developments that incorporate commercial/retail space with residential units.

22. "Mixed income" development means any combination of market-rate and/or affordable or subsidized units in a development.

23. "Operating budget" means a budget projecting the costs and expenses associated with the physical day-to-day operation of the site(s) and building(s) through the period of the financing. Examples of these costs and expenses include, but are not limited to: utilities; taxes and insurance; maintenance; repairs and capital reserves.

24. "Operating cost" means costs associated with the day-to-day operation of a Development. Some examples include: maintenance and repair, operations staff, taxes, utilities, equipment, supplies and insurance.

25. "PHA" means Public Housing Authority.

26. "Proposal" means any eligible activity or group of activities necessary to implement a single program or Development submitted to the Commission by an Eligible Developer for participation in the Program.

27. "Rhode Island Housing" means Rhode Island Housing and Mortgage Finance Corporation, a public corporation organized and existing under R.I. Gen. Laws Chapter 42-55, as amended.

28. "Special needs" for the purpose of this program means any population requiring specialized services and/or accommodations, including, but not limited to, the homeless, disabled, veteran and elderly populations.

29. "Term of affordability" for the purpose of this program means consistency with R.I. Gen. Laws § 45-53-3(5) which requires that the housing shall remain affordable for a period of not less than thirty (30) years.