54-17-07.2. Definitions

54-17-07.2. Definitions

As used in sections 54-17-07.1 through 54-17-07.7 and section 54-17-07.10:

1. "Lenders" means any bank or trust company chartered by the state of North Dakota or

any national banking association located in North Dakota, state or federal savings and

loan association located in North Dakota, and federal housing administration approved

mortgagee or other mortgage banking institutions actively engaged in home mortgage

lending in North Dakota approved by the industrial commission.

2. "Multifamily housing facility" means any facility containing four or more residential

dwelling units; provided, that at least twenty percent of the units in each facility must

be held for occupancy by persons or families of low and moderate income for such

period of time as the industrial commission may determine and may include such

related public or private facilities intended for commercial, cultural, recreational,

community, or other civic purpose as the commission may approve.

3. "Persons and families of low or moderate income" means persons or families whose

financial means are insufficient, taking into account such factors as the industrial

commission shall deem relevant, to secure decent, safe, and sanitary housing

provided by private industry without the financial assistance afforded by the housing

finance programs of the commission.

4. "Single-family residential dwelling unit" means any residential real property that:

a. Is designed for occupancy by one to four individual households;

b. Is an individual condominium or equity cooperative unit; or

c. Is an individual nonrental dwelling unit the ownership of which includes rights of

facilities in common.