Oklahoma § 62-91.3 - Definitions

§ 62-91.3. Definitions

As used in the Oklahoma Rural and Affordable Housing Linked

Deposit Act:

1. "Eligible rural housing developer" means any individual,

partnership, domestic limited liability company, or domestic

corporation within the State of Oklahoma which is engaged in the

construction, building or development of rural housing, as certified

by a state agency or instrumentality selected by the State Treasurer

to perform a certification process. The certification shall be

designed to select developers who will meet new construction needs

in designated, underserved rural target markets;

2. "Eligible lending institution" means a financial institution

that agrees to participate in the Oklahoma Rural and Affordable

Housing Linked Deposit Program, and:

a.

is eligible to make commercial loans, and

b.

is a public depository of state funds, or

c.

is an institution of the farm credit system organized

under the federal Farm Credit Act of 1971, 12 U.S.C.,

Section 2001, as amended;

3. "Rural housing" means any single-family or multifamily

dwelling to be constructed or rehabilitated in rural areas of

Oklahoma;

4. “Rural areas" means areas of the state outside of high

population centers and already well-developed metropolitan areas,

which are not adequately served by existing home builders and

developers in meeting supply needs for adequate rural housing. The

certifying agency shall be responsible to adopt guidelines to

identify the specific rural areas which are not adequately served in

meeting supply needs for adequate housing; provided, for purposes of

this act, a "rural area" shall include a specific geographic area

Oklahoma Statutes - Title 62. Public Finance

which meets the definition of an "opportunity zone" as the term is

defined in paragraph 2 of subsection G of Section 3604 of Title 68

of the Oklahoma Statutes;

5. "Rural housing linked deposit" means a certificate of

deposit placed by the State Treasurer with an eligible lending

institution or an investment in bonds, notes, debentures, or other

obligations or securities issued by the federal farm credit bank

with regard to an eligible lending institution for the purpose of

carrying out the intent of this act;

6. "Rural housing linked deposit loan package" means the forms

provided by the State Treasurer for the purpose of applying for a

rural housing linked deposit; and

7. "Certifying agency" means the state agency or

instrumentality selected by the State Treasurer to perform the

certification process for rural housing developers, to develop

guidelines required by this act, and to review individual rural

housing linked deposit loan packages.

Added by Laws 2002, c. 287, § 3, eff. July 1, 2002. Amended by Laws

2003, c. 224, § 15, eff. July 1, 2003.