§61.2402 Definitions
Unless the context otherwise requires, the terms defined in this article shall have the following meanings:
(a) “Acquisition” means the acquisition of a residence pursuant to the program.
(b) “Bonds” means any bonds, notes, certificates, debentures or other obligations issued by the City pursuant to this article and payable exclusively from revenues as in this article defined and from any other funds specified in this article upon which such obligations may be made a charge and from which they are payable.
(c) “City” means The City of San Diego.
(d) “Construction Loan” means a loan made pursuant to the program to a participating party to finance residential construction, rehabilitation or acquisition, whether such loan is insured or uninsured.
(e) “Council” means the City Council of The City of San Diego.
(f) “Loan–to–Lender” means a general obligation loan, which may be made through the making of deposits pursuant to a deposit agreement, to a qualified mortgage lender enabling such mortgage lender to make one or more construction loans or mortgage loans.
(g) “Local Codes” means applicable local, state and federal standards for residential construction or rehabilitation.
(h) “Mortgage Loan” means a long–term loan made pursuant to the program to a participating party which is secured by a mortgage or a deed of trust, whether insured or uninsured, and which provides for the permanent financing of residences pursuant to this article.
(i) “Participating Party” means any person, company, corporation, partnership, firm or other entity or group of entities receiving financing for residential construction, rehabilitation or acquisition pursuant to the program. No elective officer of the City shall be eligible to be a participating party.
(j) “Participation Purchase” means the purchase of a participation in a cash flow from single family mortgage loans from a qualified mortgage lender enabling such qualified mortgage lender to make one or more construction loans or mortgage loans.
(k) “Persons or Families of Low or Moderate Income” means persons and families whose income does not exceed the qualifying limits for “persons or families of low or moderate income” within the meaning of Section 103(b)(4)(A) of the Internal Revenue Code of 1954, as amended.
(l) “Program” means the City’s program of making construction loans and mortgage loans both directly and through loans–to– lenders and participation purchases pursuant to this article.
(m) “Qualified Mortgage Lender” means any mortgage lender authorized by the City to aid the City pursuant to this article. A qualified mortgage lender may be a state or national bank, a federal– or state–chartered savings and loan association, a trust company, a mortgage banker, an insurance company or other lender authorized to finance multi–family housing in the State of California, which is capable of providing service to or otherwise aiding the City pursuant to this article.
(n) “Rehabilitation” means the making of repairs and improvements to a substandard residence so that it meets the requirements of the local codes.
(o) “Residence” means real property improved with a multiple– family rental residential structure of four or more units and also includes real property improved with a commercial or mixed residential and commercial structure which, in the judgment of the City, is an integral part of a residential neighborhood.
(p) “Residential Construction” means the construction of new residences meeting the requirements of the local codes.
(q) “Resolution” means a resolution or ordinance adopted by the Council.
(r) “Revenues” means amounts received as repayment of principal, interest, and all other charges received by the City with respect to loans under this article, any proceeds received by the City from mortgage guaranty insurance on such loans, all other income and receipts derived by the City from the making or purchasing of loans or participations therein under this article, any amounts received by the City as investment earnings on moneys deposited in a sinking, redemption, or reserve fund or any other fund securing bonds or providing for the payment of the principal of, or interest on, bonds and such other moneys as the Council may, in its discretion, make available therefor.
(Amended 12–6–1982 by O–15870 N.S.)
(Editors note: Chapter 6, Article 1, Division 24 added 8–24–1988.)
