Rule §28.2 Definitions

Published: 2015

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The following words and terms, when used in this chapter, shall
have the following meanings unless the context or the Notice of Funding
Availability (NOFA) indicates otherwise. Other definitions may be
found in Texas Government Code, Chapter 2306; Chapter 1 of this title
(relating to Administration); and Chapter 20 of this title (relating
to Single Family Programs Umbrella Rule).
  (1) Applicable Median Family Income--The Department's
determination, as permitted by Texas Government Code §2306.123,
of the median income of a family for an area using the source or methodology
acceptable under §143(f) of the Code. Amounts of the Applicable
Median Family Income, as updated from time to time, may be found on
the Department's website ( in the "Combined
Income and Purchase Price Limits Table."
  (2) Applicant--A person or persons applying for financing
or refinancing of a mortgage loan under the Program.
  (3) Area of Chronic Economic Distress--Those areas
in Texas, whether one or more, designated from time to time as areas
of chronic economic distress by the state and approved by the Secretaries
of Treasury and Housing and Urban Development, respectively, pursuant
to §143(j) of the Code.
  (4) Average Area Purchase Price--With respect to a
Residence financed under the Program, the average purchase price of
single-family residences in the statistical area in which the Residence
is located which were purchased during the most recent twelve (12)
month period for which statistical information is available, as determined
in accordance with §143(e) of the Code.
  (5) Code--The Internal Revenue Code of 1986, as amended
from time to time.
  (6) Department Designated Areas of Special Need--Geographic
areas designated by the Department from time to time as areas of special
  (7) Program--The Taxable Mortgage Program.
  (8) Purchase Price Limit--The Purchase Price Limits
published and updated from time to time in the "Combined Income and
Purchase Price Limits Table" found on the Department's website equal
to 90 percent of the Average Area Purchase Price, subject to certain
exceptions for Targeted Area Loans.
  (9) Regulations--The applicable proposed, temporary
or final Treasury Regulations promulgated under the Code or, to the
extent applicable to the Code, under the Internal Revenue Code of
1954, as such regulations may be amended or supplemented from time
to time.
  (10) Residence--A dwelling in Texas in which an Applicant
intends to reside as the Applicant's principal dwelling space.
  (11) Targeted Area--A qualified census tract, as determined
in accordance with §6(a)103A-(2)(b)(4) of the Regulations or
any successor regulations thereto, an Area of Chronic Economic Distress
or a Department Designated Area of Special Need. Applicants purchasing
in Targeted Areas may have higher income and purchase price limits
as set forth in the "Combined Income and Purchase Price Limits Table"
found on the Department's website.

Source Note: The provisions of this §28.2 adopted to be effective October 30, 2012, 37 TexReg 8504