R990-200-3. Definitions

  Terms used in these rules are defined in Section 35A-8-2102. Terms not defined in that Section or in these rules shall be defined as used and characterized in the Private Activity Bonds Application, Scoring Criteria and other Board of Review authorized documents. In addition:

  (1) "Affordable" means at least 20% of the residential units in the project are set aside for families whose incomes do not exceed 50% of Area Median Income (AMI), adjusted for family size; or at least 40% of the residential units in the project are set aside for families whose incomes do not exceed 60% of AMI, adjusted for family size.

  (2) "Applicant" means a borrower or issuing authority submitting an application for an allocation of volume cap or a project sponsor submitting an application on behalf of an issuing authority for an allocation of volume cap.

  (3) "Available Volume Cap" means the unencumbered volume cap.

  (4) "Application" means:

  (a) the electronic state of Utah Federal Low-Income Housing Credit Consolidated Application for multi-family applicants;

  (b) the Private Activity Bond Authority Manufacturing Facility Application for the manufacturing, redevelopment or exempt facility applicants; or

  (c) the Private Activity Bond Authority Application for Single Family or Student Loan applicants.

  (5) "Closed" or "close" means the time at which bonds are exchanged for funds.

  (6) "Good standing" means the applicant or recipient has, for the immediately preceding five years:

  (a) timely remitted any required fees and payments due,

  (b) timely submitted any required reports,

  (c) has not failed to close, and

  (d) has not misrepresented an application or a previous or current project to the Board of Review.

  (e) In addition, for multi-family projects, the applicant or recipient, for the immediately preceding five years:

  (i) has not exceeded rent or income limits,

  (ii) has not converted any affordable unit into a market rate unit, and

  (iii) has rented designated affordable units only to qualified Low and Moderate Income tenants.

  (7) "Project" means the applicant's plan for which the private activity bonds are being sought.

  (8) "Recipient" means a borrower or issuing authority that has been awarded an allocation of volume cap.

  (9) "Low and Moderate Income" means a household whose income upon initial occupancy does not exceed 140% of AMI adjusted for family size.

  (10) "Market Rate" means housing units that are not affordable.