The following words and terms, when used in this chapter, shall
have the following meanings unless the context or the Participation
Packet indicates otherwise. Other definitions may be found in Texas
Government Code, Chapter 2306; Chapter 1 of this title (relating to
Administration); and Chapter 2 of this title (relating to Enforcement).
(1) Applicable Median Family Income--The Department's
determination, as permitted by Texas Government Code, §2306.123,
of the median income of an individual or family for an area using
a source or methodology acceptable under federal law or rule. The
Applicable Median Family Income, as updated from time to time, may
be found on the Department's website in the "Combined Income and Purchase
Price Limits Table."
(2) Applicant--A person or persons applying for financing
of a Mortgage Loan under the Program.
(3) Areas of Chronic Economic Distress--Those areas
in the state, whether one or more, designated from time to time as
areas of chronic economic distress by the state and approved by the
U.S. Secretaries of Treasury and Housing and Urban Development, respectively,
pursuant to §143(j) of the Code.
(4) Code--The Internal Revenue Code of 1986, as amended
from time to time.
(5) Department Designated Areas of Special Need--Geographic
areas designated by the Department from time to time as areas of special
need.
(6) Federal Housing Administration--A division of the
U.S. Department of Housing and Urban Development, also known as FHA.
(7) Homebuyer--An Applicant that is approved by the
Program and purchases a Residence.
(8) Master Mortgage Origination Agreement--The contract
between the Department and a Mortgage Lender, together with any amendments
thereto, setting forth certain terms and conditions relating to the
origination and sale of Mortgage Loans by the Mortgage Lender and
the financing of such Mortgage Loans by the Department.
(9) Mortgage Lender--The entity, as defined in §2306.004
of the Texas Government Code, participating in the Program and signatory
to the Master Mortgage Origination Agreement.
(10) Participation Packet--The application submitted
to the Department by the proposed Mortgage Lender to participate in
the Program.
(11) Program--The Taxable Mortgage Program.
(12) 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.
(13) Residence--A dwelling in Texas in which an Applicant
intends to reside as the Applicant's principal living space. Has the
same meaning as Home in Chapter 2306 of the Texas Government Code.
(14) Rural Housing Service--A division of the United
States Department of Agriculture, also known as RHS.
(15) 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, or an Area of Chronic Economic
Distress, or a Department Designated Area of Special Need. Applicants
purchasing in Targeted Areas may have higher income limits as set
forth in the "Combined Income and Purchase Price Limits Table" found
on the Department's website.
(16) United States Department of Veterans Affairs--Also
known as VA.
|