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Statutes Text

Article - Housing and Community Development


    (a)    In this title the following words have the meanings indicated.

    (b)    “Administration” means the Community Development Administration.

    (c)    “Division” means the Division of Development Finance.

    (d)    “Elderly household” means one or more individuals who occupy a residential dwelling unit, at least one of whom meets the age limit specified by the Secretary that:

        (1)    is greater than or equal to age 55; and

        (2)    may vary for different programs or types of projects.

    (e)    “Nonprofit sponsor” means a sponsor that is:

        (1)    a nonprofit organization; or

        (2)    a limited partnership, if:

            (i)    1.    each general partner is a nonprofit organization; or

                2.    each general partner is a wholly owned subsidiary of a nonprofit organization;

            (ii)    the limited partnership is formed to undertake a project that is eligible as a whole or in part for a federal program or incentive, including low–income housing tax credits; and

            (iii)    a nonprofit organization manages the project or will receive the net cash flow or residual sale proceeds on the sale of the project.

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