New Hampshire § 204-C-56 - Section 204-C:56 Definitions.

§ 204-C-56. Section 204-C:56 Definitions.

As used in this subdivision: I. "Affordable housing" means: (a) Housing whose combined rental and utility costs or combined mortgage loan debt services, property taxes and required insurance do not exceed 30 percent of the gross income of persons of low or moderate income, as the case may be. (b) In cases where there is no direct federal or state rental assistance being provided to the unit or the tenant who occupies it, a housing unit may be deemed affordable if the monthly rent does not exceed 1/12 of the tenant's pro rata share of the annual operating expenses, mortgage payments, and real estate taxes for the project; provided that: (1) In no case shall depreciation of real or personal property be deemed an operating expense; and (2) The rent does not exceed the applicable fair market rent, as published from time to time by the United States Department of Housing and Urban Development pursuant to the section 8 existing housing or "housing voucher" programs, 42 U.S.C. section 1437f. (c) Notwithstanding any other provisions of this section, a unit which exceeds the fair market rent as defined in subparagraph I(b)(2) of this section may be deemed affordable by the housing finance authority if the authority makes the following specific findings: (1) Assistance from the fund is necessary to prevent the displacement of low or moderate income tenants from a project in which the majority of tenants are of low or moderate income; and (2) The applicant has made all reasonable efforts to obtain rental assistance for low or moderate income tenants who will be forced to pay more than 30 percent of their income for rent; and (3) The rents proposed by the applicant are as low as the applicant can possibly charge without endangering the financial and physical integrity of the project. II. "Eligible applicants" means: (a) Nonprofit corporations which have obtained or are in the process of obtaining tax exempt status pursuant to section 501(c)(3) of the United States Internal Revenue Code. The authority shall not enter into any final grant or loan contract with a nonprofit corporation until the corporation's tax exempt status has been obtained. (b) Consumer cooperatives created pursuant to RSA 301-A which limit the equity value of cooperative shares. (c) Local housing authorities created pursuant to RSA 203. (d) Units of local government. (e) The New Hampshire housing finance authority. (f) Regional planning commissions created pursuant to RSA 36. (g) Limited partnerships, if the general partner is a nonprofit corporation which has obtained or is in the process of obtaining tax exempt status pursuant to section 501(c)(3) of the United States Internal Revenue Code. (h) For-profit partnerships, corporations, proprietorships, or joint venture enterprises and all other business organizations. III. "Fund" means the affordable housing fund established by RSA 204-C:57. IV. "Person of low income" means any single individual or any family whose gross income is greater than 50 percent and less than or equal to 60 percent of the median income of, respectively, all single persons or all families, adjusted for number of members, residing in the applicable geographical area of the state. V. "Person of moderate income" means any single individual or any family whose gross income is greater than 60 percent and less than or equal to 80 percent of the median income of, respectively, all single persons or all families, adjusted for the number of members, residing in the applicable geographical area of the state. VI. "Person of very low income" means any single individual or any family whose gross income is less than or equal to 50 percent of the median income of, respectively, all single persons or all families, adjusted for the number of members, residing in the applicable geographical area of the state.