New Hampshire Revised Statutes 204-C:20 – Findings
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Prior to making any mortgage loan or any loan to a lending institution, or prior to purchasing any loan or mortgage loan under this chapter, the authority shall find with respect to each such commitment:
I. That, with respect to rental multi-family housing, eligible elderly and low income persons and families can afford the adjusted rental or carrying charges set for a reasonable number, as determined by the authority, but in no event fewer than
1/8 of the units in the housing, to be financed pursuant to such commitment without the expenditure of more than 30 percent of their annual income for basic shelter cost, including the additional cost, if any, of heat, hot water, and other utilities, except telephone; provided, however, that, if necessary to make the project financially feasible, such percentage of annual income may be increased to 32 percent; and provided further that, if, in order to meet federal requirements or to obtain federal assistance, a different percentage of annual income shall be required, then such percentage of annual income shall be increased, or based on the federal requirement, if applicable;
II. That with respect to housing other than rental multi-family housing, that the general housing market area, as determined by the authority, to be served by such housing does or shall by reason of the housing to be provided include housing for eligible elderly or low income persons and families, as well as eligible persons and families;
III. That there exists a shortage of decent, safe and sanitary dwelling accommodations at rents or carrying charges which eligible persons and families including eligible elderly and low income persons and families can afford within the general housing market area, as determined by the authority, to be served by such housing;
IV. That without the assistance contemplated by such commitment, private enterprise cannot supply such housing in such general housing market area at rentals or carrying charges which eligible persons and families can afford; and at which eligible elderly and low income persons and families can afford without the expenditure of more than 30 percent of their income for basic shelter cost, including the additional cost, if any, of heat, hot water, and other utilities, except telephone;
V. That as to any loan to a lending institution or purchase of a loan or mortgage loan, an inadequate supply of funds for housing loans or mortgage loans exists in normal banking channels within the state and available to the general housing area;
VI. That such housing either is itself designed to house eligible elderly and low income persons and families and eligible persons and families of varied economic means or shall not create or contribute to an undue concentration of low income families in one neighborhood;
VII. That the housing to be financed by the authority pursuant to such commitment shall increase the supply of or promote the quality of decent, safe and sanitary housing for eligible persons and families, including a reasonable number, as determined by the authority, of eligible elderly and low income persons and families and shall be of public use and provide a public benefit;
VIII. That such housing shall be undertaken, and the eligible mortgagor, eligible person and family or lending institution regulated, pursuant to the rules of the authority and subject to this chapter; and
IX. That the authority’s estimate of its revenues from the financing of such housing, together with all subsidies, grants or other financial assistance from governmental agencies or other sources to be received in connection with such housing, shall equal in the aggregate the amount estimated by the authority as necessary for debt service on its bonds and notes to be issued for the purpose of financing such housing.
I. That, with respect to rental multi-family housing, eligible elderly and low income persons and families can afford the adjusted rental or carrying charges set for a reasonable number, as determined by the authority, but in no event fewer than
Terms Used In New Hampshire Revised Statutes 204-C:20
- Authority: shall mean the New Hampshire housing finance authority. See New Hampshire Revised Statutes 204-C:1
- Bonds: shall mean bonds of the authority issued under this chapter, including refunding bonds. See New Hampshire Revised Statutes 204-C:1
- Elderly: shall mean a person who qualifies to live in housing for older persons, as defined in N. See New Hampshire Revised Statutes 204-C:1
- Eligible persons and families: shall mean a person or persons, and families of 2 or more persons, irrespective of race, creed, national origin, sex, or gender identity, determined by the authority to require assistance under this chapter on account of insufficient personal or family income taking into consideration, without limitation, such factors as follows: (a) the amount of the total income of such persons and families available for housing needs; (b) the size of the family; (c) the cost and condition of housing facilities available; (d) the ability of such persons and families to compete successfully in the normal private housing market and to pay the amounts at which private enterprise is providing decent, safe and sanitary housing; and (e) if appropriate, standards established for various federal programs determining eligibility based on income of such persons and families. See New Hampshire Revised Statutes 204-C:1
- Housing: shall mean one or more new or existing dwelling units in the state financed pursuant to this chapter, including homes for persons with disabilities, mobile homes, prefabricated homes, any buildings, land, improvements, equipment, facilities or other real or personal properties which are deemed by the authority to be necessary, convenient, ancillary or desirable in connection with such dwelling units, and including, but not limited to, streets, sewers, utilities, parks, site preparation, off-site facilities, landscaping and other nonhousing facilities such as administrative, community, transportation, health, recreational, educational, commercial, retail, welfare and public facilities. See New Hampshire Revised Statutes 204-C:1
- Lending institution: shall mean any bank or trust company; Federal National Mortgage Association approved mortgage banker; savings bank; credit union; national banking association; insurance company; financial institution or governmental agency which customarily provides service or otherwise aids in the financing of mortgages located in the state. See New Hampshire Revised Statutes 204-C:1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: shall mean a mortgage deed, deed of trust, or other instrument which shall constitute or create a security interest in tangible personal property constituting housing, or a lien on real property or on a leasehold under a lease having a remaining term, at any time such mortgage is acquired, which does not expire for at least that number of years beyond the maturity date of the obligation secured by such mortgage as is established by the authority as necessary to protect its interest as mortgagee. See New Hampshire Revised Statutes 204-C:1
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Multi-family housing: shall mean housing consisting of 5 or more units. See New Hampshire Revised Statutes 204-C:1
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
1/8 of the units in the housing, to be financed pursuant to such commitment without the expenditure of more than 30 percent of their annual income for basic shelter cost, including the additional cost, if any, of heat, hot water, and other utilities, except telephone; provided, however, that, if necessary to make the project financially feasible, such percentage of annual income may be increased to 32 percent; and provided further that, if, in order to meet federal requirements or to obtain federal assistance, a different percentage of annual income shall be required, then such percentage of annual income shall be increased, or based on the federal requirement, if applicable;
II. That with respect to housing other than rental multi-family housing, that the general housing market area, as determined by the authority, to be served by such housing does or shall by reason of the housing to be provided include housing for eligible elderly or low income persons and families, as well as eligible persons and families;
III. That there exists a shortage of decent, safe and sanitary dwelling accommodations at rents or carrying charges which eligible persons and families including eligible elderly and low income persons and families can afford within the general housing market area, as determined by the authority, to be served by such housing;
IV. That without the assistance contemplated by such commitment, private enterprise cannot supply such housing in such general housing market area at rentals or carrying charges which eligible persons and families can afford; and at which eligible elderly and low income persons and families can afford without the expenditure of more than 30 percent of their income for basic shelter cost, including the additional cost, if any, of heat, hot water, and other utilities, except telephone;
V. That as to any loan to a lending institution or purchase of a loan or mortgage loan, an inadequate supply of funds for housing loans or mortgage loans exists in normal banking channels within the state and available to the general housing area;
VI. That such housing either is itself designed to house eligible elderly and low income persons and families and eligible persons and families of varied economic means or shall not create or contribute to an undue concentration of low income families in one neighborhood;
VII. That the housing to be financed by the authority pursuant to such commitment shall increase the supply of or promote the quality of decent, safe and sanitary housing for eligible persons and families, including a reasonable number, as determined by the authority, of eligible elderly and low income persons and families and shall be of public use and provide a public benefit;
VIII. That such housing shall be undertaken, and the eligible mortgagor, eligible person and family or lending institution regulated, pursuant to the rules of the authority and subject to this chapter; and
IX. That the authority’s estimate of its revenues from the financing of such housing, together with all subsidies, grants or other financial assistance from governmental agencies or other sources to be received in connection with such housing, shall equal in the aggregate the amount estimated by the authority as necessary for debt service on its bonds and notes to be issued for the purpose of financing such housing.