2005 North Carolina Code - General Statutes § 122A-3. Definitions.

§ 122A‑3.  Definitions.

The following words and terms, unless the context clearly indicates a different meaning, shall have the following respective meanings:

(1)       "Bonds" or "notes" mean the bonds or the bond anticipation notes or construction loan notes authorized to be issued by the Agency under this Chapter;

(2)       "Agency" means the North Carolina Housing Finance Agency created by this Chapter;

(3)       Repealed by Session Laws 1973, c. 1296, s. 5;

(4)       Repealed by Session Laws 1973, c. 1296, s. 6;

(5)       "Governmental agency" means any department, division, public  agency, political subdivision or other public instrumentality of the State, the federal government, any other State or public agency, or any two or more thereof;

(6)       Repealed by Session Laws 1973, c. 1296, s. 8;

(7)       Repealed by Session Laws 1973, c. 1296, s. 9;

(8)       "Mortgage" or "mortgage loan" means a mortgage loan for residential housing, including, without limitation, a mortgage loan to finance, either temporarily or permanently, the construction, rehabilitation, improvement, or acquisition and rehabilitation or improvement of residential housing and a mortgage loan insured or guaranteed by the United States or an instrumentality thereof or for which there is a commitment by the United States or an instrumentality thereof to insure such a mortgage;

(9)       Repealed by Session Laws 1973, c. 1296, s. 11;

(10)     "Obligations" means any bonds or bond anticipation notes authorized to be issued by the Agency under the provisions of this Chapter;

(11)     "Persons and families of lower income" means persons and families deemed by the Agency to require such assistance as is made available by this Chapter on account of insufficient personal or family income, taking into consideration, without limitation, (i) the amount of the total income of such persons and families available for housing needs, (ii) the size of the family, (iii) the cost and condition of housing facilities available, (iv) the eligibility of such persons and families for federal housing assistance of any type predicated upon a lower income basis and (v) the ability of such persons and families to compete successfully in the normal housing market and to pay the amounts at which private enterprise is providing decent, safe and sanitary housing and deemed by the Agency therefore to be eligible to occupy residential housing financed wholly or in part, with mortgages, or with other public or private assistance;

(12)     "Residential housing" means a specific work or improvement undertaken primarily to provide dwelling accommodations for persons and families of lower income, including the rehabilitation of buildings and improvements, and such other nonhousing facilities as may be incidental or appurtenant thereto;

(13)     "State" means the State of North Carolina;

(14)     "Federally insured securities" means an evidence of indebtedness secured by a first mortgage lien on residential housing for persons of lower income and insured or guaranteed as to repayment of principal and interest by the United States or any agency or instrumentality thereof; and

(15)     "Mortgage lenders" means any bank or trust company, savings  bank, national banking association, savings and loan association, or building and loan association, life insurance company, mortgage banking company, the federal government and any other financial institution authorized to transact business in the State;

(16)     "Energy conservation loan" means a loan obtained from a mortgage lender for the purpose of satisfying an existing obligation of a borrower who is the resident owner of a single family dwelling or of "residential housing." The existing obligation of the owner in an "energy conservation loan" must have been incurred to pay for the purchase of materials or the installation of materials, or both, which results in a significant decrease in the amount of consumption of nonrenewable sources of energy in order to provide or maintain a comfortable level of room temperatures in his residence during the winter. "Energy conservation loan" does not include a loan obtained to refinance an existing loan agreement unless payment or collection of the original loan was guaranteed by the agency.

(17)     "Rehabilitation" means the renovation or improvement of residential housing by the owner of said residential housing. (1969, c. 1235, s. 3; 1973, c. 1296, ss. 3‑6, 8‑14, 16, 17; 1975, c. 19, s. 42; 1977, c. 1083, s. 2; 1979, 2nd Sess., c. 1238, s. 1; 1981, c. 344, s. 1; 1983, c. 148, s. 1.)