Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
(1) "Affordable housing" means residential housing for rental occupancy which, as long as the same is occupied by low-income households, requires payment of monthly housing costs, including utilities other than telephone, of no more than thirty percent of the household's income. The department must adopt policies for residential homeownership housing, occupied by low-income households, which specify the percentage of family income that may be spent on monthly housing costs, including utilities other than telephone, to qualify as affordable housing.
(2) "Contracted amount" means the aggregate amount of all state funding for which the department has monitoring and compliance responsibility.
(3) "Department" means the department of commerce.
(4) "Director" means the director of the department of commerce.
(5) "First-time homebuyer" means:
(a) An individual or the individual's spouse who has had no ownership in a principal residence during the three-year period ending on the date of purchase of the property;
(b) A single parent who has only owned a home with a former spouse while married;
(c) An individual who is a displaced homemaker as defined in 24 C.F.R. Sec. 93.2 as it exists on July 23, 2023, or such subsequent date as may be provided by the department by rule, consistent with the purposes of this section, and has only owned a home with a spouse;
(d) An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations; or
(e) An individual who has only owned a property that is determined by a licensed building inspector as being uninhabitable.
(6) "Low-income household" means a single person, family or unrelated persons living together whose adjusted income is less than eighty percent of the median family income, adjusted for household size, for the county where the project is located.