Definitions

3. As used in this act: "Agency" means the New Jersey Housing and Mortgage Finance Agency. "Bonds" means bonds, notes or any other form of evidence of indebtedness of the agency, bearing either a fixed rate or variable rate of interest, issued pursuant to this act. "Construction costs" means all expenditures made or incurred by a qualified housing developer, inclusive of reasonable pre-construction costs, prior to the obtaining of permanent financing on a completed housing development. "Construction loan" means a loan made to a qualified developer for the financing of construction costs. "Development" means development within the meaning of the "Municipal Land Use Law," P.L.1975, c.291 (C.40:55D-1 et seq.). "Fund" means the Housing Incentive Finance Fund established pursuant to section 5 of this act. "Housing developer" means any person, firm, corporation or association of persons that has undertaken or proposes to undertake a housing development. "Housing development" means development undertaken for the purpose of creating one or more residential structures for owner occupancy, and whether in the form of detached units or attached units for separate occupancy, together with any structures or facilities appurtenant or ancillary thereto. "Institutional lender" means any bank or trust company, savings bank, national banking association, savings and loan association, or building and loan association maintaining an office in this State, or any insurance company or any mortgage banking firm or mortgage banking corporation authorized to transact business in this State. "Qualified housing developer" means a housing developer who has qualified for a loan guarantee pursuant to this act. "Qualified housing development" means a housing development for which a loan guarantee may be made pursuant to this act.