Terms Used In Maine Revised Statutes > Title 7 > Part 3 > Chapter 203 - Mink

• Affordable housing: means a decent, safe and sanitary dwelling, apartment or other living accommodation for a household whose income does not exceed 120% of the median income for the area as defined by the United States Department of Housing and Urban Development under the United States Housing Act of 1937, Public Law 75-412, 50 Stat. See Maine Revised Statutes Title 30-A Sec. 5246
• Amenities: means items of street furniture, signs and landscaping, including, but not limited to, plantings, benches, trash receptacles, street signs, sidewalks and pedestrian malls. See Maine Revised Statutes Title 30-A Sec. 5246
• Authority: means the Maine State Housing Authority. See Maine Revised Statutes Title 30-A Sec. 5246
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Business: includes every trade, occupation and profession. See Maine Revised Statutes Title 31 Sec. 1001
• Captured assessed value: means the amount, as a percentage or stated sum, of increased assessed value that is utilized from year to year to finance the project costs contained within the affordable housing development program. See Maine Revised Statutes Title 30-A Sec. 5246
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Current assessed value: means the assessed value of the district certified by the municipal assessor as of April 1st of each year that the affordable housing development district remains in effect. See Maine Revised Statutes Title 30-A Sec. 5246
• Director: means the Director of the Maine State Housing Authority. See Maine Revised Statutes Title 30-A Sec. 5246
• district: means a specified area within the corporate limits of a municipality that has been designated as provided under sections 5247 and 5250 to be developed under an affordable housing development program and financed under section 5250?A. See Maine Revised Statutes Title 30-A Sec. 5246
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Financial plan: means a statement of the project costs and sources of revenue required to accomplish the affordable housing development program. See Maine Revised Statutes Title 30-A Sec. 5246
• Increased assessed value: means the valuation amount by which the current assessed value of an affordable housing development district exceeds the original assessed value of the district. See Maine Revised Statutes Title 30-A Sec. 5246
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Limited liability partnership: means a partnership that has registered as a limited liability partnership pursuant to section 821 and does not have a similar statement in effect in any other jurisdiction. See Maine Revised Statutes Title 31 Sec. 1001
• Maintenance and operation: means all activities necessary to maintain affordable housing after development and all activities necessary to operate the affordable housing, including, but not limited to, informational, promotional, safety and surveillance activities. See Maine Revised Statutes Title 30-A Sec. 5246
• Municipal officers: means the mayor and municipal officers or councilors of a city, the members of the select board or councilors of a town and the assessors of a plantation. See Maine Revised Statutes Title 1 Sec. 72
• Municipality: means a city or town, except as provided in chapter 225. See Maine Revised Statutes Title 30-A Sec. 2001
• Original assessed value: means the assessed value of an affordable housing development district as of March 31st of the tax year preceding the year in which it was designated, and, for affordable housing development districts designated on or after April 1, 2014, "original assessed value" means the taxable assessed value of an affordable housing development district as of March 31st of the tax year preceding the year in which it was designated by the municipality or plantation. See Maine Revised Statutes Title 30-A Sec. 5246
• Partnership: means an association of 2 or more persons to carry on as co-owners a business for profit formed under section 1022, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1001
• Partnership agreement: means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Maine Revised Statutes Title 31 Sec. 1001
• Person: means an individual, corporation, limited liability company, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Maine Revised Statutes Title 31 Sec. 1001
• program: means a statement of means and objectives designed to encourage the development and maintenance of affordable housing within an affordable housing development district. See Maine Revised Statutes Title 30-A Sec. 5246
• Project costs: means any expenditures or monetary obligations incurred or expected to be incurred that are authorized by section 5249, subsection 1 and included in an affordable housing development program. See Maine Revised Statutes Title 30-A Sec. 5246
• Property: means all property, real, personal or mixed, tangible or intangible or any interest therein. See Maine Revised Statutes Title 31 Sec. 1001
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Statement: means a statement of dissociation under section 1074, a statement of dissolution under section 1085, a statement of merger under section 1097, a statement electing to be governed by this chapter prior to July 1, 2006 or an amendment or cancellation of any of the foregoing. See Maine Revised Statutes Title 31 Sec. 1001
• Tax increment: means real property taxes assessed by a municipality, in excess of any state, county or special district tax, upon the increased assessed value of property in the affordable housing development district. See Maine Revised Statutes Title 30-A Sec. 5246
• Tax shifts: means the effect on a municipality's state revenue sharing, education subsidies and county tax obligations that results from the designation of an affordable housing development district and the capture of increased assessed value. See Maine Revised Statutes Title 30-A Sec. 5246
• Tax year: means the period of time beginning on April 1st and ending on the succeeding March 31st. See Maine Revised Statutes Title 30-A Sec. 5246
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Town: includes cities and plantations, unless otherwise expressed or implied. See Maine Revised Statutes Title 1 Sec. 72
• Transfer: includes an assignment, conveyance, lease, mortgage, deed and encumbrance. See Maine Revised Statutes Title 31 Sec. 1001
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72