§ 66.2. DEFINITIONS.

Unless otherwise indicated by the context, the following definitions shall govern construction of terms in this Chapter 66:

“Act” means collectively the provisions of a measure entitled “Earthquake Safety Loan Bonds,” adopted by the voters as Proposition A on November 3, 1992, as amended by a measure entitled “Loans to Finance Acquisition and Rehabilitation of Affordable Housing,” adopted by the voters as Proposition C on November 8, 2016, as same may be amended.

“Applicant” means an applicant for a Loan or any successor in interest.

“Application” means an application for a Loan.

“Below Market Rate Loan” means a Loan made, the interest of which yields at least one-third of the City Cost of Funds.

“Board” means the Board of Supervisors of the City.

“Bond Proceeds” means the proceeds of general obligation bonds to be issued by the City to provide funds for the Program, including interest on such proceeds of such general obligation bonds.

“Borrower” means a recipient of a Loan.

“Building Code” means the San Francisco Building Code, as such code may be amended from time to time.

“City” means the City and County of San Francisco.

“City Cost of Funds” means the true interest cost applicable to City Bond Proceeds funding Loans made hereunder.

“Declaration of Restrictions” means an agreement to be executed by the Borrower and recorded against the Property as a condition to the receipt of a Loan hereunder in order to restrict use of the Property, as further described in this Chapter 66.

“Deferred Loan” means a Below Market Rate Loan, for which the repayment of principal and interest thereof is deferred until the sooner to occur of (1) 55 years after such Loan is made, or (2) the borrower transfers title to, or the beneficial ownership of, the building whose improvements were financed with such Loan proceeds, unless such transfer is permitted by the rules and regulations established by the Director.

“Director” means the Director of the Mayor’s Office of Housing and Community Development, or the Director’s designee.

“Fund” means the Seismic Strengthening and Affordable Housing Loan Fund established pursuant to Administrative Code Section 10.100.315,1 or such other fund that the Director establishes with the Office of the Controller to administer the Program.

“Loan” means a loan made pursuant to this Chapter 66, and includes Below Market Rate Loans, Deferred Loans, and Market Rate Loans.

“Loan Committee” means the Citywide Affordable Housing Loan Committee, an internal Loan review committee of the Mayor’s Office of Housing and Community Development.

“Market Rate Loan” means a loan which bears a rate of interest that, when coupled with the annual administrative fee charged by the City, yields a total return to the City that equals the City Cost of Funds for the series of bonds providing funding for such loan, plus 100 basis points.

“MOHCD” shall mean the Mayor’s Office of Housing and Community Development, or any such successor department of the City assuming the responsibilities for administration and management of the Program.

“Program” shall mean the seismic safety retrofit and affordable housing loan program funded by the Bond Proceeds authorized by the Act.

“Program Regulations” means the rules and regulations regarding the Program to be published by the Director, which will be designed to carry out and implement the purposes set forth in the Act and this Chapter 66.

“Property” means any legal parcel(s) of real property eligible for a Loan under the Program, and subject to a Declaration of Restrictions, as provided hereunder.

All terms used herein but not otherwise defined shall be as defined under the Act.

(Added as Sec. 66.1 by Ord. 1-93, App. 1/7/93; amended by Ord. 1-01, File No. 001968, App. 1/12/2001; Ord. 122-06, File No. 060386, App. 6/14/2006; redesignated and amended by Ord. , File No. 180890, App. 11/9/2018, Eff. 12/10/2018)

(Former Sec. 66.2 added by Ord. 1-93, App. 1/7/93; amended by Ord. 1-01, File No. 001968, App. 1/12/2001; redesignated as Sec. 66.3 and amended by Ord. , File No. 180890, App. 11/9/2018, Eff. 12/10/2018)

CODIFICATION NOTE

1. So in Ord. .