For the purpose of this chapter, the following words and phrases shall have the meaning given to them in this section except where the context indicates a different meaning.
(a) "Applicant" means an owner of residential rental property that consists of at least two rental units, or a person or entity which seeks to improve certain owner-occupied dwelling units, who submits a completed application in accordance with the Housing Funds Guidelines approved by the Board of Supervisors on July 1, 2008, the Multi-family Housing Loan Program Guidelines approved by the Board of Supervisors on July 3, 2018, as amended on July 18, 2019, the Rental Housing Acquisition and Preservation Loan Program Guidelines approved by the Board of Supervisors on January 18, 2022, or any other loan or grant program guidelines adopted by the Board of Supervisors under Chapter 1460, as amended and as applicable.
(b) "Loan" means funds provided to an applicant under this chapter as a loan secured by a Deed of Trust to ensure repayment of the loan, and to ensure compliance with other conditions of the loan set forth herein, to be used for the purposes set forth herein.
(c) "Grant" means funds provided to an applicant under this chapter as a loan secured by a Deed of Trust to ensure compliance with the conditions of the loan set forth herein, to be used for the purposes set forth herein; provided, however, that upon compliance with all conditions of the loan, the loan shall be forgiven.
(d) "Low and Moderate Income Persons" means a person or family whose combined income is 100% or less of the Annual Median Income as determined by the United States Department of Housing and Urban Development for the Washington Metropolitan Area.
(Ord. 09-01. Passed 1-12-09; Ord. 22-04. Passed 3-9-22.)