Vermont § 601 - Definitions The following words and terms, unless the context clearly indicates a different meaning, shall have the following meaning:

§ 601. Definitions The following words and terms, unless the context clearly indicates a different meaning, shall have the following meaning:

• (1) “Agency” means the Vermont Housing Finance Agency created by this chapter. (2) “Bonds, notes, and other obligations” or “bonds, bond anticipation notes, or other
  obligations” means any bonds, notes, debentures, interim certificates, or other evidences
  of financial indebtedness issued by the Agency pursuant to this chapter. (3) “Eligible security” means any security or obligation payable from or evidencing an
  interest in mortgages or other obligations securing loans to finance residential housing
  in the State. (4) “Federally insured mortgage loan” means a mortgage loan for residential housing insured
  or guaranteed by the United States or an agency or instrumentality thereof, or a commitment
  by the United States or an agency or instrumentality thereof to insure such a mortgage. (5) “Federal mortgage loan” means a mortgage loan for residential housing made by the
  United States or an agency or instrumentality thereof or a commitment by the United
  States or an agency or instrumentality thereof to make such a mortgage loan. (6) “Housing development costs” means the costs incurred in connection with the acquisition,
  construction, or rehabilitation of residential housing, including the costs of its
  physical construction, the costs of acquisition of land, real or personal property,
  rights, rights-of-way, easements, and franchises necessary or convenient for the construction,
  and the costs of legal, administrative, architectural and related professional services,
  the costs of insurance, project reports, survey, other preliminary expenses, and the
  costs of working capital, reserves, and carrying charges. (7) “Housing sponsor” or “sponsor” means a person who is organized on a nonprofit or limited
  profit basis or agrees to appropriate conditions as described in subdivision 624(b)(5) of this title and who is approved by the Agency as qualified either to own, construct, acquire,
  rehabilitate, operate, manage, or maintain residential housing. (8) “Mortgage” means a mortgage deed, deed of trust, or other instrument that shall constitute
  a lien on real property in fee simple or on a leasehold under a lease having a remaining
  term, at the time such mortgage is acquired, that does not expire prior to the maturity
  date. (9) “Mortgage lender” means any bank or trust company, mortgage company approved by any
  government-sponsored entity, savings bank, savings and loan association, industrial
  bank, credit union, National Banking Association, federal savings and loan association,
  federal credit union, or other financial institution or governmental agency or instrumentality
  that customarily provides or otherwise aids in the financing of mortgage loans on
  residential housing located in the State. (10) “Mortgage loan” means and includes: (A) an interest-bearing or noninterest bearing obligation secured by either a mortgage
  or other security instrument constituting a lien on land and improvements in the State; (B) an interest-bearing or noninterest bearing obligation secured by a pledge of a cooperative
  interest and a conditional assignment of the proprietary lease incidental thereto; (C) an interest-bearing or noninterest bearing obligation secured by the owner-occupant’s
  interest in a mobile home, provided that: