§ 34-39.1-3 - Definitions. - Rhode Island Statutes

SECTION 34-39.1-3

   § 34-39.1-3  Definitions. – For purposes of this chapter:

   (1) "Housing restriction" means any obligation or requirementto maintain real estate affordable for rental to or purchase by low andmoderate income citizens of the state or any limitation on the future use ortransfer of the real estate, whether stated in the form of a charge,encumbrance, financing instrument, easement, covenant, or condition in anydeed, agreement, or other instrument executed by or on behalf of the owner ofthe real estate.

   (2) "Restriction holder" means any nonprofit corporation,partnership, association, cooperative, or trust established for the primarypurpose of owning, operating, leasing, preserving, or maintaining housingaffordable to persons and families of low and moderate income, and entitiesthat provide financing, land, or other benefits related to the development andpreservation of affordable housing including, but not limited to, stateagencies, municipalities, foundations, Rhode Island housing and mortgagefinance corporation, and public housing authorities.