Sec. 6. Definitions
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In this Act: The term community development financial institution has the meaning given the term in section 103 of the Community Development Banking and Financial Institutions Act of 1994. The term eligible home means a residential property, including a condominium, cooperative, or manufactured housing unit, that— consists of 1 to 4 dwelling units, including accessory dwelling units; is subject to a mortgage, and— meets the underwriting requirements and dollar amount limitations for acquisition by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation; is made, insured, or guaranteed under any program administered by the Secretary; is made, insured, or guaranteed by the Rural Housing Administrator of the Department of Agriculture; is a qualified mortgage, as defined in section 129C(b)(2) of the Truth in Lending Act ( 15 U.S.C. 1639c(b)(2) ); is made, insured, or guaranteed by the Secretary of Veterans Affairs pursuant to chapter 37 of title 38, United States Code; or in the case of a residential property located on tribal trust or reservation land, meets such requirements as the Secretary determines appropriate for consumer protection; and shall be occupied by an eligible person as a primary residence.
The term eligible person means— a person who, as self-attested by the person, is a first-time homebuyer ; and is a part of a household, the income of which does not exceed— in the case of a person purchasing an eligible home that is not located on Indian tribe land, 120 percent of the median income for the local area, as determined by the Secretary, within which— the eligible home, for which the ownership interest is to be acquired using such assistance, is located; or the place of residence of the homebuyer is located; and in the case of a person who is purchasing an eligible home that is located on Indian tribe land, the greater of 120 percent of the median income of the United States or 120 percent of the median income for the local area, as determined by the Secretary, within which— the eligible home, for which the ownership interest is to be acquired using such assistance, is located; or the place of residence of the homebuyer is located.
If the Secretary determines that the area described in subparagraph (A)(ii) is a high cost-of-living area, then the eligible person is required to be a part of a household, the income of which does not exceed 150 percent of the median income for the area, as determined by the Secretary. The term first-time homebuyer has the meaning given the term is defined in section 104 of the Cranston Gonzalez National Affordable Housing Act ( 42 U.S.C. 12704 ). The term Indian tribe has the meaning given the term in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 ( 25 U.S.C. 4103 ).
The term ownership interest means any ownership, excluding any interest in heir property, in— real estate in fee simple; a leasehold on real estate, under a lease that is not less than 10 years longer than the term of the mortgage; a fee interest in, or long-term leasehold interest in, real estate consisting of a one-family unit in a multifamily project, including a project in which the dwelling units are attached, or are manufactured housing units, semi-detached, or detached, and an undivided interest in the common areas and facilities which serve the project.
The term Secretary means the Secretary of Housing and Urban Development. The term State means the 50 States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, the Virgin Islands, and American Samoa.
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