Terms Used In New Hampshire Revised Statutes > Chapter 204-C - Housing Finance Authority

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Authority: shall mean the New Hampshire housing finance authority. See New Hampshire Revised Statutes 204-C:1
• biennially: when applied to meetings and elections in towns, shall mean the biennial meetings and elections required by law to be holden in the month of November biennially, dating from the commencement of biennial elections in 1878; and the word "annual" when applied to meetings and elections in towns, shall mean the annual meetings and elections required by law to be holden in the month of March. See New Hampshire Revised Statutes 21:7
• Board: shall mean the housing finance board. 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
• Clerk: shall mean the clerk of the municipality or the officer charged with the duties customarily imposed on such clerk. See New Hampshire Revised Statutes 204-C:1
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Development costs: shall mean the total of all costs incurred in connection with housing, which are approved by the authority as reasonable and necessary, which costs shall include, but not be limited to the following: the value of land and any buildings or improvements on the land, including payments for options, deposits or contracts to purchase properties on the proposed housing site or payments for the purchase of such properties; cost of site preparation, demolition, landscaping, development and off-site improvements; fees for architectural, engineering, legal, accounting and other services paid or payable in connection with the planning, execution and financing of such housing; cost of necessary studies, surveys, plans and permits; cost of insurance, interest, financing, tax assessments and other operating and carrying costs during construction; cost of construction, rehabilitation, reconstruction, fixtures, furnishings, equipment, machinery and apparatus related to such housing; organizational expenses, relocation expenses, reasonable expenses in connection with initial occupancy of such housing, a reasonable builder's and developer's profit and risk fee in addition to job overhead; an allowance established by the authority for working capital, contingency reserves and reserves for any anticipated operating deficits during the early years of occupancy; and the cost of such other items as the authority shall determine to be reasonable and necessary for the development of such housing. See New Hampshire Revised Statutes 204-C:1
• Economic cost: shall mean cost of operating housing, including debt service, finance charges, management fee, heat, utility, maintenance, replacement reserve, on-site management and janitorial costs and other operating expenses approved by the authority, and, with respect to any rental housing, the maximum annual equity distribution on a cumulative basis permitted by the authority with respect to such housing. 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 mortgagor: shall mean any individual, joint venture, partnership, limited partnership, trust, firm, association, corporation, cooperative, condominium association, governmental agency, or other legal entity, or any combination thereof approved by the authority as qualified to own, construct, acquire, rehabilitate, operate, manage or maintain housing whether organized for profit, limited profit or nonprofit purposes, in each case subject to the rules of the authority and the provisions of this chapter. 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
• 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}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Federal government: shall mean the United States of America, or any agency or instrumentality, corporate or otherwise, of the United States of America. See New Hampshire Revised Statutes 204-C:1
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: shall mean in a city that governing body which is designed as such by the charter of the particular city; in a town, the board of selectmen. See New Hampshire Revised Statutes 204-C:1
• Governmental agency: shall mean the United States, the state, any municipality within the state, or any agency, authority, board, commission, department, division, public corporation, public agency or authority, political subdivision or other public instrumentality thereof. See New Hampshire Revised Statutes 204-C:1
• governor and council: shall mean the governor with the advice and consent of the council. See New Hampshire Revised Statutes 21:31-a
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• 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
• Housing project: shall mean any work or undertaking:
  (a) To demolish, clear or remove buildings from any slum area; such work or undertaking may embrace the adoption of such area to public purposes, including parks or other recreational or community purposes; or
  (b) To provide decent, safe and sanitary urban or rural multi-family housing for persons of low income; such work or undertaking may include buildings, land, equipment, facilities and other real or personal property for necessary, convenient or desirable appurtenances, streets, sewers, water service, parks, site preparation, gardening, administrative, community, health, recreational, welfare or other purposes; or
  (c) To accomplish a combination of the foregoing. See New Hampshire Revised Statutes 204-C:1
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• 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
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mayor: shall mean the mayor of the city or the officer of the city charged with the duties customarily imposed on the mayor or executive head of the city. See New Hampshire Revised Statutes 204-C:1
• 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
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan: shall mean an interest-bearing obligation secured by a mortgage. See New Hampshire Revised Statutes 204-C:1
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• 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
• Municipality: shall mean any city or town in this state. See New Hampshire Revised Statutes 204-C:1
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Obligations: shall mean collectively any bonds, notes, bond anticipation notes, debentures, interim certificates or other evidence of financial indebtedness issued by the authority pursuant to this chapter. See New Hampshire Revised Statutes 204-C:1
• 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.
• person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
• Personal property: All property that is not real property.
• Quorum: The number of legislators that must be present to do business.
• real estate: shall include lands, tenements, and hereditaments, and all rights thereto and interests therein. See New Hampshire Revised Statutes 21:21
• Real property: shall mean all land, including appurtenances, improvements and fixtures on the land, and property of any nature appurtenant to the land, or used in connection with the land, and every estate, interest and rights, legal or equitable in the land, including terms of years and liens by way of attachment, judgment, mortgage or otherwise and the indebtedness secured by such liens. See New Hampshire Revised Statutes 204-C:1
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• seal: shall include an impression of the official seal made upon the paper alone, as well as an impression thereof made by means of wax, or a wafer, affixed thereto. See New Hampshire Revised Statutes 21:11
• Slum: shall mean any area where dwellings predominate which, by reason of dilapidation, overcrowding, lack of ventilation, light or sanitary facilities, or any combination of these factors, are detrimental to safety, health or morals. See New Hampshire Revised Statutes 204-C:1
• 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
• 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.
• Trustee: A person or institution holding and administering property in trust.
• United States: shall include said district and territories. See New Hampshire Revised Statutes 21:4