HARRY HUGHES, Governor

2647

266DD-3.

(d) "Development cost" means the costs incurred in carrying
out all works and undertakings which the Department deems
reasonable and necessary for the construction of a community
development project, A HOME IMPROVEMENT PROJECT, an energy
conservation project or a solar energy 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 acquisition of such machinery and equipment
and furnishings as may be deemed necessary in connection
therewith; the necessary expenses incurred in connection with
initial occupancy of the development; an allocable portion of the
administrative and operating expenses of the Department; the cost
of financing the project, including 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.

(g) (1) "Financial assistance" means, for the purpose of
providing financial assistance for A HOME IMPROVEMENT PROJECT, an
energy conservation project or a solar energy project, any form
of assurance, guarantee, grant, payment, or other assistance,
including by way of illustration and not by way of limitation, a
grant, loan, loan guarantee (including insurance and
co-insurance), reduction in the principal obligation of or rate
of interest payable on a loan or portion of a loan, prepayment of
interest on a loan or portion of a loan, a lease, and a lease
guarantee (including insurance and co-insurance).

(2) "Financial assistance" includes any commitment to
provide assistance in any form delineated in paragraph (1) of
this subsection.

(H) "HOME IMPROVEMENT PROJECT" MEANS A PROJECT OR
UNDERTAKING FOR ANY IMPROVEMENT, ALTERATION, ADDITION, OR REPAIR
THAT SUBSTANTIALLY PROTECTS OR IMPROVES THE BASIC LIVEABILITY OF
A RESIDENTIAL BUILDING THAT WILL BE OCCUPIED IN SUBSTANTIAL PART
BY FAMILIES OF LIMITED INCOMES. ANY HOME IMPROVEMENT PROJECT FOR
A RESIDENTIAL BUILDING CONTAINING MORE THAN 4 UNITS IS SUBJECT TO
THE PROVISIONS OF THIS SUBHEADING APPLICABLE TO A COMMUNITY
DEVELOPMENT PROJECT.

[(h)] (I) "Limited dividend corporation" means a
corporation which qualifies as a limited dividend corporation
under the moderate-income rental programs in effect from time to
time under the National Housing Act and which is operated
exclusively in furtherance of a community development project.