The following words and terms when used in this chapter shall have the following meaning, unless the context clearly indicates otherwise:
"Applicant" means an applicant for credits under this chapter and also means the owner of the development to whom the credits are allocated.
"Credits" means the low-income housing tax credits as described in §42 of the IRC.
"IRC" means the Internal Revenue Code of 1986, as amended, and the rules, regulations, notices and other official pronouncements promulgated thereunder.
"IRS" means the Internal Revenue Service.
"Low-income housing units" means those units which are defined as "low income units" under §42 of the IRC.
"Low-income jurisdiction" means any city and county in Commonwealth with an area median income at or below the Virginia non-metro area median income established by the U. S. Department of Housing and Urban Development ("HUD").
"Principal" shall mean any person (including any individual, joint venture, partnership, limited liability company, corporation, nonprofit organization, trust, or any other public or private entity) that (i) with respect to the proposed development, will own or participate in the ownership of the proposed development or (ii) with respect to an existing multi-family rental project, has owned or participated in the ownership of such project, all as more fully described hereinbelow. The person who is the owner of the proposed development or multi-family rental project is considered a Principal. In determining whether any other person is a Principal, the following guidelines shall govern: (1) in the case of a partnership which is a Principal (whether as the owner or otherwise), all general partners are also considered Principals, regardless of the percentage interest of the general partner; (2) in the case of a public or private corporation or organization or governmental entity which is a Principal (whether as the owner or otherwise), Principals also include the president, vice president, secretary, and treasurer and other officers who are directly responsible to the board of directors or any equivalent governing body, as well as all directors or other members of the governing body and any stockholder having a 25 percent or more interest; (3) in the case of a limited liability company which is a Principal (whether as the owner or otherwise), all members are also considered Principals, regardless of the percentage interest of the member; (4) in the case of a trust which is a Principal (whether as the owner or otherwise), all persons having a 25% or more beneficial ownership interest in the assets of such trust; (5) in the case of any other person which is a Principal (whether as the owner or otherwise), all persons having a 25 percent or more ownership interest in such other person are also considered Principals; and (6) any person that directly or indirectly controls, or has the power to control, a Principal shall also be considered a Principal.
"Qualified application" means a written request for tax credits which is submitted on a form or forms prescribed or approved by the executive director together with all documents required by the Authority for submission and meets all minimum scoring requirements.
"Qualified low-income buildings" or "qualified low-income development" means the buildings or development, which meets the applicable requirements in §42 of the IRC to qualify for an allocation of credits thereunder.
"Revitalization Area" means any area (i) designated by a municipality for implementation of either a "redevelopment plan" meeting the requirements of §36-51 of the Code of Virginia or a "conservation plan" meeting the requirements of §36-51.1 of the Code of Virginia; or (ii) documented by local government officials as a revitalization area that (a) has established boundaries at least a year old at the time applications are submitted and (b) local or state funds have been spent in furtherance of the revitalization objectives; or (iii) which is subject to a plan using Hope VI funds from HUD. The Revitalization Area described in (ii) above must be part of a plan adopted by the local government which should include discussions of the type of developments that will be encouraged, the potential sources of funding, and services to be offered in the area. A comprehensive plan does not qualify as documentation of a Revitalization Area.