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.)