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TITLE 10COMMUNITY DEVELOPMENT
PART 1TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS
CHAPTER 28TAXABLE MORTGAGE PROGRAM
RULE §28.2Definitions

The following words and terms, when used in this chapter, shall have the following meanings unless the context or the Notice of Funding Availability (NOFA) indicates otherwise. Other definitions may be found in Texas Government Code, Chapter 2306; Chapter 1 of this title (relating to Administration); and Chapter 20 of this title (relating to Single Family Programs Umbrella Rule).

  (1) Applicable Median Family Income--The Department's determination, as permitted by Texas Government Code §2306.123, of the median income of a family for an area using the source or methodology acceptable under §143(f) of the Code. Amounts of the Applicable Median Family Income, as updated from time to time, may be found on the Department's website (www.tdhca.state.tx.us) in the "Combined Income and Purchase Price Limits Table."

  (2) Applicant--A person or persons applying for financing or refinancing of a mortgage loan under the Program.

  (3) Area of Chronic Economic Distress--Those areas in Texas, whether one or more, designated from time to time as areas of chronic economic distress by the state and approved by the Secretaries of Treasury and Housing and Urban Development, respectively, pursuant to §143(j) of the Code.

  (4) Average Area Purchase Price--With respect to a Residence financed under the Program, the average purchase price of single-family residences in the statistical area in which the Residence is located which were purchased during the most recent twelve (12) month period for which statistical information is available, as determined in accordance with §143(e) of the Code.

  (5) Code--The Internal Revenue Code of 1986, as amended from time to time.

  (6) Department Designated Areas of Special Need--Geographic areas designated by the Department from time to time as areas of special need.

  (7) Program--The Taxable Mortgage Program.

  (8) Purchase Price Limit--The Purchase Price Limits published and updated from time to time in the "Combined Income and Purchase Price Limits Table" found on the Department's website equal to 90 percent of the Average Area Purchase Price, subject to certain exceptions for Targeted Area Loans.

  (9) Regulations--The applicable proposed, temporary or final Treasury Regulations promulgated under the Code or, to the extent applicable to the Code, under the Internal Revenue Code of 1954, as such regulations may be amended or supplemented from time to time.

  (10) Residence--A dwelling in Texas in which an Applicant intends to reside as the Applicant's principal dwelling space.

  (11) Targeted Area--A qualified census tract, as determined in accordance with §6(a)103A-(2)(b)(4) of the Regulations or any successor regulations thereto, an Area of Chronic Economic Distress or a Department Designated Area of Special Need. Applicants purchasing in Targeted Areas may have higher income and purchase price limits as set forth in the "Combined Income and Purchase Price Limits Table" found on the Department's website.


Source Note: The provisions of this §28.2 adopted to be effective October 30, 2012, 37 TexReg 8504

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