§ 42-55.1-2 - Definitions. - Rhode Island Statutes

SECTION 42-55.1-2

   § 42-55.1-2  Definitions. – Terms used in this chapter shall be defined as follows:

   (1) "Limited equity housing cooperative" means a cooperativehousing association or corporation organized and operated primarily for thebenefit of low and moderate income persons, having articles of incorporationapproved by the executive director of the Rhode Island housing and mortgagefinance corporation, and whose equity, after allowance for maximum transfervalue of its stock, is permanently dedicated to providing housing to persons oflow or moderate income or to a charitable purpose.

   (2) "Mutual housing association" means a nonprofitcorporation, incorporated pursuant to chapter 6 of title 7 and having articlesof incorporation approved by the executive director of the Rhode Island housingand mortgage finance corporation, having as one of its purposes the preventionand elimination of neighborhood deterioration and the preservation ofneighborhood stability by affording community and resident involvement in theprovision of high quality, long-term housing for low and moderate incomefamilies in which residents:

   (i) Participate in the ongoing operation and management ofthat housing;

   (ii) Have the right to continue residing in the housing foras long as they comply with the terms of their occupancy agreement; and

   (iii) Do not possess an equity or ownership interest in thehousing.

   (3) "Nonprofit housing development corporation" means anonprofit corporation, which has been approved as a 26 U.S.C. § 501(c)(3)corporation by the Internal Revenue Service, and which is organized andoperated primarily for the purpose of providing housing for low and moderateincome persons.