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the use of the property.
(36) Life-of-Loan Flood Certification--Tracks the flood
zone of the Single Family Housing Unit for the life of the Mortgage
Loan.
(37) Limited English Proficiency (LEP)--Refers to persons
who do not speak English as their primary language and who have a
limited ability to read, speak, write, or understand English.
(38) Loan Assumption--An agreement between the buyer
and seller of Single Family Housing Unit that the buyer will make
remaining payments and adhere to terms and conditions of an existing
Mortgage Loan on the Single Family Housing Unit and Program requirements.
A Mortgage Loan assumption requires written Department approval.
(39) Manufactured Housing Unit (MHU)--A structure that
meets the requirements of Texas Manufactured Housing Standards Act,
Chapter 1201 of the Texas Occupations Code or Federal Housing Administration
(FHA) guidelines as required by the Department.
(40) Mortgage--Has the same meaning as defined in §2306.004
of the Tex. Gov't Code.
(41) Mortgage Loan--Has the same meaning as defined
in §2306.004 of the Tex. Gov't Code.
(42) Neighborhood Stabilization Program (NSP)--A HUD-funded
program authorized by HR3221, the "Housing and Economic Recovery Act
of 2008" (HERA) and Section 1497 of the Wall Street Reform and Consumer
Protection Act of 2010, as a supplemental allocation to the CDBG Program.
(43) NOFA--Notice of Funding Availability or announcement
of funding published by the Department notifying the public of available
funds for a particular Program with certain requirements.
(44) Nonprofit Organization--An organization in which
no part of its income is distributable to its members, directors or
officers of the organization and has a current tax exemption classification
status from the Internal Revenue Service in accordance with the Internal
Revenue Code.
(45) Office of Colonia Initiatives--A division of the
Department authorized under Chapter 2306 of Tex. Gov't Code, which
acts as a liaison to the colonias and manages some Programs in the
colonias.
(46) Parity Lien--A lien position whereby two or more
lenders share a security interest of equal priority in the collateral.
(47) Persons with Disabilities--Any person who has
a physical or mental impairment that substantially limits one or more
major life activities; or has a record of such an impairment; or is
being regarded as having such impairment. Included in this meaning
is the term handicap as defined in the Fair Housing Act, and disability
as defined by other applicable federal or state law.
(48) Principal Residence--The primary Single Family
Housing Unit that a Household inhabits. May also be referred to as
"primary residence."
(49) Program--The specific fund source from which single
family funds are applied for and used.
(50) Program Income--Gross income received by the Administrator
or Affiliate directly generated from the use of single family funds,
including, but not limited to gross income received from matching
contributions under the HOME Program.
(51) Program Manual--A set of guidelines designed to
be an implementation tool for a single family Program. A Program Manual
is developed by the Department and amended or supplemented from time
to time.
(52) Program Rule--Chapters of Part 1 of this title
which pertain to specific single family Program requirements.
(53) Qualifying Income--The income used to calculate
the Borrower's debt-to-income ratio and excludes the total of any
income not received consistently for the past 12 months from the date
of Application including, but not limited to, income from a full or
part time job that lacks a stable job history, potential bonuses,
commissions, and child support. Income received for less than 12 months
such as retirement annuity or court ordered payments will be considered
only if it is expected to continue at least 24 months in the foreseeable
future.
(54) Reservation--Funds set-aside for a Household submitted
through the Department's Reservation System.
(55) Reservation System--The Department's online tracking
system that allows Administrators to reserve funds for a specific
Household.
(56) Resolution--Formal action by a corporate board
of directors or other corporate body authorizing a particular act,
transaction, or appointment. Resolutions must be in writing and state
the specific action that was approved and adopted, the date the action
was approved and adopted, and the signature of person or persons authorized
to sign resolutions. Resolutions must be approved and adopted in accordance
with the corporate bylaws of the issuing organization.
(57) Reverse Mortgage--A Home Equity Conversion Mortgage
insured by the FHA.
(58) Self-Help--Housing Programs that allow low-income
families to build or rehabilitate their Single Family Housing Units
through their own labor or volunteers.
(59) Service-Area--The geographical area where an Administrator
conducts Activities under a Contract.
(60) Single Family Housing Unit--A residential dwelling
designed and built for a Household to occupy as its primary residence
where single family Program funds are used for rental, acquisition,
construction, reconstruction or rehabilitation Activities of an attached
or detached housing unit, including Manufactured Housing Units after
installation. May be referred to as a single family "home," "housing,"
"property," "structure," or "unit."
(61) State Median Family Income (SMI)--The median income
for the state adjusted for household size and published annually by
the U.S. Department of Housing and Urban Development (HUD).
(62) TAC--Texas Administrative Code.
(63) Texas Housing Trust Fund (Texas HTF)--Funding
source for state-funded Programs authorized under Chapter 2306 of
Tex. Gov't Code.
(64) TMCS--Texas Minimum Construction Standards.
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