As used in this chapter:

(1)  “Board” means the Rhode Island housing and conservation board established by this chapter.

(2)  “Eligible activity” means any activity which will carry out either or both of the dual purposes of creating and sustaining low and moderate income housing and conserving and protecting important Rhode Island lands, including activities which will encourage or assist:

(i)  The preservation, rehabilitation, or development of residential dwelling units which are affordable to lower income Rhode Islanders;

(ii)  The protection of important wildlife habitat and important natural areas;

(iii)  The preservation of historic properties of resources;

(iv)  The protection of areas suited for outdoor public recreational activity;

(v)  The retention of agricultural land for agricultural use; and

(vi)  The development of capacity on the part of an eligible applicant to engage in an eligible activity.

(3)  “Eligible applicant” means any municipality or department of state government of the state, nonprofit organization qualifying under 26 U.S.C. § 501(c)(3) or limited equity cooperative housing corporation whose purpose is either the creation or preservation of low and moderate income housing for lower income Rhode Islanders or the conservation of open lands or agricultural lands.

(4)  “Fund” means the Rhode Island housing and conservation trust fund established by this chapter.

(5)  “Historic property or resource” means any building, structure, object, district, area, or site that is significant in the history, architecture, archeology, or culture of this state, its communities, or the nation.

(6)  “Important natural area” means any area containing one or more state or federal endangered or threatened species as defined in the general laws or any area essential to maintaining the ecological diversity or natural heritage of the state.

(7)  “Lower income” means households whose incomes do not exceed sixty percent (60%) of the median family income by family size for the area of the state in which the family lives as determined annually by the U.S. Department of Housing and Urban Development.