Montana Code 90-6-143. Definitions
90-6-143. Definitions. As used in 90-6-141 through 90-6-149, the following definitions apply:
Terms Used In Montana Code 90-6-143
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Housing development: means single-family homes, multifamily projects, housing for the elderly projects, nursing home projects, personal-care projects, and any work or undertaking financed in whole or in part under this part for the primary purpose of acquiring, constructing, or rehabilitating accommodations for persons or families of lower income in need of housing. See Montana Code 90-6-103
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Property: means real and personal property. See Montana Code 1-1-205
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(1)”Attainable workforce housing” means housing of a cost that an eligible household would spend no more than 30% of gross monthly income for a mortgage payment, property taxes, and insurance.
(2)”Community reinvestment organization” means the regional entity or entities established in 90-6-146 or a certified regional development corporation, a certified development corporation, a community housing development organization, an economic development association, or a community development financial institution.
(3)”Community reinvestment organization revolving account” or “CRO revolving account” means a restricted account established by each community reinvestment organization.
(4)”Eligible household” means a household earning between 60% and 140% of median household income for the county in which the person resides or the state, whichever is less.
(5)”Montana community reinvestment plan account” means the account in the state special revenue fund and any subaccounts established pursuant to 90-6-145.
(6)”Program” means the Montana community reinvestment plan.