Marvin Mandel, Governor                        1243

266 DD-3. Definitions

(a)    "Community development project" means any undertaking
or project, or portion thereof, including lands, buildings and im-
provements, real, mixed and personal properties or interest there-
in that is planned, acquired, owned, developed, constructed, recon-
structed, rehabilitated or improved for purposes of providing dwell-
ing accommodations a substantial portion of which accommodations
shall be for families of limited incomes, and such streets, roads,
sewer and waterlines and other supporting public and private facili-
ties intended for commercial, educational, cultural, recreational,
community or other civic purposes as may be deemed necessary for
sound community development.

(b)    "Development cost" means the costs incurred in carrying
out all works and undertakings which the Department deems reason-
able and necessary for the construction of a community development
project. These shall include but are not necessarily limited to the
costs of all necessary studies, surveys, plans and specifications,
architectural, engineering or other special services, acquisition of
land and any buildings thereon, site preparation and development,
construction, reconstruction, rehabilitation, improvement and the ac-
quisition of such machinery and equipment and furnishings as may
be deemed necessary in connection therewith; the necessary ex-
penses incurred in connection with initial occupancy of the develop-
ment; an allocable portion of the administrative and operating ex-
penses of the Department; the cost of financing the project, includ-
ing interest on bonds and notes issued to finance the project from
the date thereof to the date when the Department shall determine
that the development be deemed substantially occupied; and the
cost of such other items, including any indemnity and surety bonds
and premiums on insurance, fees, relocation costs, and charges and
expenses of trustees, depositories and paying agents for bonds and
notes issued, all as the Department shall deem necessary.

(c)    "Families of limited incomes" means families whose in-
comes do not exceed the upper income limits for moderate income
as defined by the Secretary of Housing and Urban Development in
establishing criteria by which families qualify for occupancy of
dwellings under the moderate-income rental and home ownership pro-
grams in effect from time to time under the National Housing Act
or any successor legislation thereto.

(d)    "Limited Dividend Corporation" means a corporation which
qualifies as a limited dividend corporation under the moderate-in-
come rental programs in effect from time to time under the Na-
tional Housing Act and which is operated exclusively in further-
ance of a community development project.

(e)    "Local development corporation" means any corporation or
foundation no part of the net earnings of which inures to the bene-
fit of any private shareholder or individual, organized and operated
primarily for the purposes of fostering, encouraging, and assisting
community development within the State.

(f)    "Local development agency" means any board, commission,
agency, department or authority of any municipality or county des-
ignated by their chief executive officer of such municipality or county
for the purpose of carrying out community development under this
Act.