Rhode Island General Laws 34-39.1-3. Definitions
For purposes of this chapter:
(1) “Housing restriction” means any obligation or requirement to maintain real estate affordable for rental to or purchase by low and moderate income citizens of the state or any limitation on the future use or transfer of the real estate, whether stated in the form of a charge, encumbrance, financing instrument, easement, covenant, or condition in any deed, agreement, or other instrument executed by or on behalf of the owner of the real estate.
(2) “Restriction holder” means any nonprofit corporation, partnership, association, cooperative, or trust established for the primary purpose of owning, operating, leasing, preserving, or maintaining housing affordable to persons and families of low and moderate income, and entities that provide financing, land, or other benefits related to the development and preservation of affordable housing including, but not limited to, state agencies, municipalities, foundations, Rhode Island housing and mortgage finance corporation, and public housing authorities.
History of Section.
P.L. 1991, ch. 237, § 1; P.L. 2006, ch. 368, § 4; P.L. 2006, ch. 464, § 4.
Terms Used In Rhode Island General Laws 34-39.1-3
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- 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.
- real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10