Terms Used In Rhode Island General Laws > Chapter 34-45 - Preservation of Federally Insured or Assisted Housing

• Amortization: Paying off a loan by regular installments.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appurtenant land: means only the land and related facilities which are currently dedicated to the federally insured or assisted rental units, and does not include land which may be dedicated to nonfederally insured or assisted units under common ownership, whether or not the land is currently dedicated to federally insured or assisted rental units. See Rhode Island General Laws 34-45-4
• 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.
• Corporation: means the Rhode Island housing and mortgage finance corporation, a corporation, instrumentality and agency of the state established pursuant to the Rhode Island housing and mortgage finance corporation act, chapter 55 of Title 42. See Rhode Island General Laws 34-45-4
• Department: means the department of administration. See Rhode Island General Laws 34-45-4
• Development: means any structure or group of structures situated in the state which is federally insured or assisted; provided, however that the term "development" does not include any structure or group of structures which are not federally insured or assisted, although such structures may be commonly owned with units that receive such federal assistance or sent to such units; and provided further than this chapter shall not apply to a development whose owner gave notice to the United States department of housing and urban development pursuant to § 262 of the Housing and Community Development Act of 1987, Rhode Island General Laws 34-45-4
• Devise: To gift property by will.
• 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.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federally insured or assisted: means any:

  (i)  Low income housing units insured or assisted under §§ 221(d)(3) and 236 of the National Housing Act, 12 U. See Rhode Island General Laws 34-45-4

• 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}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
• 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}
• Intestate: Dying without leaving a will.
• 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}
• 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.
• Owner: means an individual, corporation, association, partnership, joint venture, or business entity which holds title to a development. See Rhode Island General Laws 34-45-4
• 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 be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Personal property: All property that is not real property.
• 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.
• Statute: A law passed by a legislature.
• Tenant: means a tenant, subtenant, lessee, sublessee, or other person entitled to possession, occupancy, or receiving the benefits of, a federally insured or assisted rental unit within a development. See Rhode Island General Laws 34-45-4
• Tenant association: means an association or other organization that represents at least a majority of the tenants in federally insured or assisted rental units in a development, excluding those tenants which have not resided in the development for at least ninety (90) days and those tenants who have been an employee of the owner during the preceding one hundred twenty (120) days. See Rhode Island General Laws 34-45-4
• town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
• town council: include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
• unit: means that part of a development which is rented or offered for rent for residential occupancy and includes an apartment, efficiency apartment, room, suite of rooms, and any appurtenant land to the rental unit. See Rhode Island General Laws 34-45-4
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8
• Use restrictions: means any federal, state, or local statute, regulation, ordinance, or contract which as a condition of receipt of any housing assistance, including a rental subsidy, mortgage subsidy or mortgage insurance, to a development:

  (i)  Establishes maximum limitations on tenant income as a condition of eligibility for occupancy of the units within a development; or

  (ii)  Imposes any restrictions on the maximum rents that could be charged for any of the units within a development; or

  (iii)  Requires that rents for any of the units within a development be reviewed by any governmental body or agency before the rents be implemented. See Rhode Island General Laws 34-45-4