Maine Revised Statutes Title 33 Sec. 121 – Definitions
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As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1991, c. 373 (NEW).]
1. Affordable housing covenant. “Affordable housing covenant” means any agreement among one or more owners, one or more tenants of residential real estate and one or more qualified holders, or between one or more owners and one or more qualified holders, or between one or more tenants and one or more qualified holders, that permits a qualified holder to control, either directly or indirectly, the purchase price of residential housing for the primary purpose of providing that the housing remains affordable to lower income and moderate-income households.
[PL 1991, c. 373 (NEW).]
Terms Used In Maine Revised Statutes Title 33 Sec. 121
- Affordable housing covenant: means any agreement among one or more owners, one or more tenants of residential real estate and one or more qualified holders, or between one or more owners and one or more qualified holders, or between one or more tenants and one or more qualified holders, that permits a qualified holder to control, either directly or indirectly, the purchase price of residential housing for the primary purpose of providing that the housing remains affordable to lower income and moderate-income households. See Maine Revised Statutes Title 33 Sec. 121
- Lower income and moderate-income households: means very low-income, low-income and moderate-income households as defined in the Affordable Housing Partnership Act of 1989. See Maine Revised Statutes Title 33 Sec. 121
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Qualified holder: means a governmental entity empowered to hold an interest in real property under the laws of this State or the United States or a nonprofit organization whose purposes include the provision of affordable housing or the increasing of affordable housing opportunities for lower income or moderate-income households including governmental or quasi-governmental entities such as public housing authorities, community action agencies or other similar nonprofit or governmental entities committed to providing opportunities for lower income or moderate-income households to obtain affordable housing. See Maine Revised Statutes Title 33 Sec. 121
- Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Lower income and moderate-income households. “Lower income and moderate-income households” means very low-income, low-income and moderate-income households as defined in the Affordable Housing Partnership Act of 1989.
[PL 1991, c. 373 (NEW).]
3. Qualified holder. “Qualified holder” means a governmental entity empowered to hold an interest in real property under the laws of this State or the United States or a nonprofit organization whose purposes include the provision of affordable housing or the increasing of affordable housing opportunities for lower income or moderate-income households including governmental or quasi-governmental entities such as public housing authorities, community action agencies or other similar nonprofit or governmental entities committed to providing opportunities for lower income or moderate-income households to obtain affordable housing.
[PL 1991, c. 373 (NEW).]
SECTION HISTORY
PL 1991, c. 373 (NEW).