As used in the Mortgage Finance Authority Act:
A. "multiple-family dwelling project" means residential housing that is designed for occupancy by more than four persons or families living independently of each other or living in a congregate housing facility, at least sixty percent of whom are persons and families of low or moderate income, including without limitation persons of low or moderate income who are elderly and who have a disability as determined by the authority, provided that the percentage of low-income persons and families shall be at least the minimum required by federal tax law;
B. "transitional housing facility" means residential housing that is designed for temporary or transitional occupancy by persons or families of low or moderate income or special needs;
C. "congregate housing facility" means residential housing designed for occupancy by more than four persons or families of low or moderate income living independently of each other. The facility may contain group dining, recreational, health care or other communal facilities and each unit in a congregate housing facility shall contain at least its own living, sleeping and bathing facilities;
D. "project mortgage loan" means a mortgage loan made to a sponsor to finance project costs of a multiple-family dwelling or transitional or congregate housing facility; and
E. "sponsor" means an individual, association, corporation, joint venture, partnership, limited partnership, trust or any combination thereof that has been approved by the authority as qualified to own and maintain a multiple-family dwelling or transitional or congregate housing facility in New Mexico, maintains its principal office or a branch office in New Mexico and has agreed to subject itself to the regulatory powers of the authority and the jurisdiction of the courts of the state.
History: 1978 Comp., § 58-18-3.1, enacted by Laws 1982, ch. 86, § 3; 1983, ch. 310, § 1; 1995, ch. 9, § 4; 2007, ch. 46, § 47.
ANNOTATIONSThe 2007 amendment, effective June 15, 2007, amends the section to make non-substantive language changes.
The 1995 amendment, effective June 16, 1995, added "transitional and congregate housing facilities" in the section heading; deleted former Subsection A defining "FHA" and redesignated former Subsection B as Subsection A; added Subsections B and C and redesignated former Subsections C and D as Subsections D and E; in Subsection A, substituted "sixty percent" for "twenty-five percent", inserted "or moderate" in two places, and deleted "provided that the percentage of low income persons and families shall be at least the minimum required by federal tax law" at the end; deleted "during construction and on a permanent basis the" following "sponsor to finance" in Subsection D; inserted "transitional or congregate housing" in Subsections D and E; and made minor stylistic changes throughout the section.