§42-55.1-2  Definitions. –


Published: 2015

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TITLE 42

State Affairs and Government

CHAPTER 42-55.1

Housing Trust Fund

SECTION 42-55.1-2



   § 42-55.1-2  Definitions. –

Terms used in this chapter shall be defined as follows:



   (1) "Limited equity housing cooperative" means a cooperative

housing association or corporation organized and operated primarily for the

benefit of low and moderate income persons, having articles of incorporation

approved by the executive director of the Rhode Island housing and mortgage

finance corporation, and whose equity, after allowance for maximum transfer

value of its stock, is permanently dedicated to providing housing to persons of

low or moderate income or to a charitable purpose.



   (2) "Mutual housing association" means a nonprofit

corporation, incorporated pursuant to chapter 6 of title 7 and having articles

of incorporation approved by the executive director of the Rhode Island housing

and mortgage finance corporation, having as one of its purposes the prevention

and elimination of neighborhood deterioration and the preservation of

neighborhood stability by affording community and resident involvement in the

provision of high quality, long-term housing for low and moderate income

families in which residents:



   (i) Participate in the ongoing operation and management of

that housing;



   (ii) Have the right to continue residing in the housing for

as long as they comply with the terms of their occupancy agreement; and



   (iii) Do not possess an equity or ownership interest in the

housing.



   (3) "Nonprofit housing development corporation" means a

nonprofit corporation, which has been approved as a 26 U.S.C. § 501(c)(3)

corporation by the Internal Revenue Service, and which is organized and

operated primarily for the purpose of providing housing for low and moderate

income persons.



History of Section.

(P.L. 1988, ch. 617, § 1.)