215.300. Definitions.

441 words·~2 min read·/mo/chapter-215/215-300

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215.300. Definitions. — As used in sections 215.300 to 215.318 , the following terms mean:

(1)"Additional subsidies" , subsidies provided by the Missouri housing development commission to the owner of a subsidized multifamily rental housing project pursuant to section 215.311 ;

(2)"Administering agency" , the Missouri housing development commission;

(3)"Affordable rent" , a rent amount less than or equal to thirty percent of a family's income;

(4)"Expand affordability" , to reduce the cost of the housing to one or more low income tenants;

(5)"HUD" , the United States Department of Housing and Urban Development, and shall include the Federal Housing Administration and a local housing authority when it is acting to administer a HUD program;

(6)"Low income tenant" , a tenant who is a person or group of persons residing in the same housing accommodation so long as the total income for all such persons for the most recent twelve-month period is less than or equal to fifty percent of the median income for the area, as defined by HUD, in accordance with section 1437a, Title 42, United States Code;

(7)"Low income unit" , a housing unit for which the annual rental charge is less than or equal to thirty percent of the maximum annual income for a low income tenant;

(8)"Moderate income tenant" , a tenant who is a person or group of persons residing in the same housing accommodation so long as the total income for all such persons for the most recent twelve-month period is more than fifty percent but less than or equal to eighty percent of the median income for the area, as defined by HUD, in accordance with section 1437a, Title 42, United States Code;

(9)"Moderate income unit" , a housing unit for which the annual rental charge is less than or equal to thirty percent of the maximum annual income for a moderate income tenant;

(10)"Mortgage prepayment" , repayment of outstanding debt on a loan issued pursuant to a federal mortgage insurance program, prior to the maturity date of the loan;

(11)"Multifamily rental housing project" , a building or buildings under common ownership and containing four or more rental units that were constructed or substantially rehabilitated pursuant to a federal mortgage insurance program;

(12)"Prepayment restriction" , any limitation imposed by the federal government with regard to the repayment of outstanding debt on a loan issued pursuant to a federal mortgage insurance program, prior to the maturity date of the loan, without the prior approval of the secretary of the Department of Housing and Urban Development.

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(L. 1989 H.B. 378 § 17)