Section 29-4-1103 - DefinitionsAs used in this part 11, unless the context otherwise requires:
(1) "Affordable rental housing component" means the property and activities included in a public-private partnership that are part of an affordable rental housing project or are related to providing housing assistance to tenants of an affordable rental housing project.(1.5)(a) "Affordable rental housing project" means property that has the primary purpose of providing rental housing for middle-income individuals and families, which property is selected by the authority in accordance with the provisions set forth in section 29-4-1107 and is owned by the authority or is owned and operated pursuant to a public-private partnership.(b) An "affordable rental housing project" may include commercial space if the board determines that the commercial space is incidental to the housing component of the project.(2) "Authority" means the middle-income housing authority created by this part 11.(3) "Board" means the board of directors of the authority.(4) "Bond" means any bond, note, or other obligation of the authority authorized to be issued under this part 11.(5) "Controlled entity" means an entity established by the authority in accordance with section 29-4-1106 (1)(g).(6) "Fair housing laws" means the federal "Fair Housing Act", 42 U.S.C. sec. 3601 et seq., as amended, any comparable law of the state, and any comparable ordinance, resolution, or other law of any local government that property of the authority is subject to and the regulations and rules promulgated under this part 11.(7) "Middle-income individuals and families" means, only for purposes of this part 11, except as modified in exceptional circumstances by the board pursuant to section 29-4-1107 (2)(c), individuals and families with annual income of the household between eighty percent and one hundred twenty percent of the area median income of the households of that size in the county in which the affordable rental housing project is located; except that, for middle-income individuals and families residing in a rural resort county, the annual income of the household shall be between eighty percent and one hundred forty percent of the area median income of the households of that size in the county in which the affordable rental housing project is located.(8) "Public-private partnership" means a contract or agreement between the authority and one or more public or private entities or persons to work together to acquire, construct, finance, or operate an affordable rental housing project and to allocate obligations, interests, rights, and revenues to, in, and from the affordable rental housing project among the parties to the contract or agreement. A "public-private partnership" may include an agreement to work together to acquire, construct, finance, or operate commercial property in connection with the affordable rental housing project, as permitted in subsection (1.5)(b) of this section, and to allocate obligations, interests, rights, and revenues to, in, and from the commercial property among the parties to the agreement or contract and may include an agreement to provide housing assistance to the tenants of an affordable rental housing project.Amended by 2023 Ch. 317,§ 2, eff. 6/2/2023.Added by 2022 Ch. 354, § 2, eff. 6/3/2022.