"HOME." Real property and improvements thereon located within the municipality consisting of not more than 2 dwelling units, including but not limited to condominium units, owned by one mortgagor who occupies or intends to occupy one of such units.
"HOME MORTGAGE." An interest-bearing loan to a mortgagor for the purpose of purchasing or improving a home, evidenced by a promissory note and secured by a mortgage on such home, but not including a loan primarily for the purpose of refinancing an existing loan.
"LENDING MORTGAGE." Any bank, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage banker, or other financial institution or governmental agency which customarily provides service or otherwise aids in the financing of mortgages on single family residential housing or multi-family residential housing located in the municipality, or any holding company for any of the foregoing.
"MORTGAGOR." A person or persons who has received a home mortgage on a home and whose adjusted gross aggregate income, together with the adjusted gross aggregate income of all persons who intend to reside with such person or persons in one dwelling unit, shall not have been greater than $30,000 for the immediately preceding taxable year.
"PERSON." Any individual, partnership, copartnership, firm, company, corporation, lending institution, association, joint stock company, trust, estate, political subdivision, state agency or any other legal entity, or its legal representative, agent or assigns.
(Ord. 6606, passed 10-17-78)