Section 825-RICR-30-00-3.1 - DEFINITIONSA. "Board of Commissioners" means the Board of Commissioners of the Corporation.B. "Corporation" means the Rhode Island Housing and Mortgage Finance Corporation, a public corporation organized and existing under the laws of the State of Rhode Island.C. "Executive Director" means the Executive Director of the Corporation.D. "Housing development" means a multi-family housing project which has been financed in whole or in part by the Corporation and which is subject to a mortgage lien in favor of the Corporation.E. "Housing development improvement plan" means a plan submitted to the Corporation by the Owner and/or the Proposed Transferee to improve a Housing Development.F. "HUD" means the Department of Housing and Urban Development of the United States of America.G. "Mortgage loan" means the loan issued by the Corporation to finance the Housing Development in whole or in part.H. "Owner" means the owner of a Housing Development, or a lessee of all or substantially all of a Housing Development.I. "Preliminary approval letter" means a letter sent by the Corporation to an Owner stating that the Board of Commissioners has preliminarily approved a Transfer or Prepayment.J. "Prepayment" means a payment of the entire outstanding principal balance of the Mortgage Loan made at any time during the term of the Mortgage Loan prior to the date on which such principal would be due and payable thereunder; provided that a prepayment of principal of a Mortgage Loan made pursuant to the Corporation's Preservation Program established under the regulations governing Preservation of Section 8-A ssisted Developments (as set forth in Part 2 of this Subchapter) shall not constitute a Prepayment hereunder.K. "Principal" means, with respect to an Owner or Proposed Transferee:1. if a Partnership, any individual or corporate general partner or any limited partner which has an ownership interest of twenty-five percent (25%) or greater,2. if a corporation, any officer, director or shareholder owning ten percent (10%) or more of the voting stock issued and outstanding and3. if a trust, any trustee thereof or a beneficiary with a twenty-five percent (25%) or greater interest therein.L. "Proposed transferee" means an individual, general partnership, limited partnership, corporation, trust or other entity seeking to either acquire, purchase or lease all or substantially all of a Housing Development or acquire or purchase a Substantial Interest in an Owner.M. "Substantial interest" means:1. if the Owner is a general partnership or a limited partnership, a general partnership interest or a twenty-five percent (25%) or greater limited partnership interest individually or in the aggregate;2. if the Owner is a corporation or if the Owner is a general or limited partnership which has a corporation as its general partner, a ten percent (10%) or greater interest in the corporation's issued and outstanding voting stock; or3. if the Owner is a Trust, a twenty-five percent (25%) or greater beneficial interest therein.N. "Transfer" means a transfer to which these regulations apply as set forth in § 3.2(A) of this Part.825 R.I. Code R. § 825-RICR-30-00-3.1