[Text of section applicable as provided by 2010, 240, Sec. 199. See 2010, 240, Sec. 195.]
Section 1. As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:—
“Certified housing development project”, a housing development project that has been approved by the department for participation in the housing development incentive program.
“Department”, the department of housing and community development as established by chapter 23B.
“Gateway municipality”, gateway municipality as defined in section 3A of chapter 23A.
“Housing development incentive program” or “HDIP”, a program designed to promote increased residential growth, expanded diversity of housing supply, neighborhood stabilization, and economic development within housing development zones in gateway municipalities.
“Housing development project”, a multi-unit residential rehabilitation project that is located in a gateway municipality and once rehabilitated, shall contain at least 80 per cent market rate units.
“Housing development zone” or “HD zone”, a zone designated by a gateway municipality which shall be characterized by a need for multi-unit market rate residential properties.
“Market rate residential unit”, a residential unit priced for households above 110 per cent of the area’s household median income.
“Qualified substantial rehabilitation expenditure”, the cost of substantial rehabilitation meeting the following criteria: (i) an initial certification by the department that the structure meets the definition of certified housing development project; (ii) a second certification by the department, to be issued prior to construction, certifying that if completed as proposed, the rehabilitation work meets the standards required for a certified rehabilitation; and (iii) a final certification by the department, issued when the property is leased or sold by the taxpayer.
“Sponsors”, sponsors, as defined in section 25 of chapter 23B.
“Substantial rehabilitation” and “substantially rehabilitated”, the needed major redevelopment, repair and renovation of a property, excluding the purchase of the property, as determined by the department of housing and community development.