§ 1930.102 - Definitions.

Acceptable tolerance. For the purpose of this subpart, acceptable tolerance means actual financial activity as expressed in numeric terms that is operating within plus or minus 5 percent of projected or forecasted estimates.

Adviser to the board. An individual or organization who will work with and provide guidance to a cooperative board of directors.

Borrowers. Borrowers means owners who may be individuals, partnerships, cooperatives, trusts, public agencies, private or public corporations, and other organizations who have received a loan or grant from FmHA or its successor agency under Public Law 103-354 for LH, RRH, RCH, or RHS purposes.

Consumer cooperative. A corporation which is organized under the cooperative laws of a State or Federally recognized Indian tribe; will own and operate the housing on a cooperative basis solely for the benefit of the members; will operate at cost and, for this purpose, any patronage refunds accruing to members in accordance with subpart E of part 1944 of this chapter will not be considered gains or profits; and will restrict membership in the housing to eligible persons and, to any extent the cooperative and FmHA or its successor agency under Public Law 103-354 permit, to others in special circumstances.

FmHA or its successor agency under Public Law 103-354. FmHA or its successor agency under Public Law 103-354 means the United States of America acting through the Farmers Home Administration or its successor agency under Public Law 103-354 or FmHA or its successor agency under Public Law 103-354's predecessor agencies.

Governing body. Governing body means those elected or appointed officials of an organization or public agency type borrower responsible for the operations of the project.

Management. Management is the overall direction given by the borrower or the borrower's agent to meet the needs of the tenants or members, maintain the project, and provide sound and economical project operation.

Member. A person who has executed documents pertaining to a cooperative housing type of living arrangement and has made a commitment to upholding the cooperative concept.

Occupancy agreement. A contract setting forth the rights and obligations of the cooperative member and the cooperative, including the amount of the monthly occupancy charge and the other terms under which the member will occupy the housing.

Office of the General Counsel (OGC). OGC means the Regional Attorney, Associate Regional Attorney, or Assistant Regional Attorney in the field office of the Office of the General Counsel of the United States Department of Agriculture (USDA).

Office of Inspector General (OIG). OIG means the Office of Inspector General of the USDA.

Patronage capital refund. Amounts received by the cooperative in excess of operating costs and expenses which have been assigned to members’ patronage capital accounts each year of membership in the cooperative.

Project. A project is the total number of rental housing units that are operated under one management plan with one loan agreement/resolution. (The rental units may have been developed originally with separate initial loans and separate loan agreements/resolutions, now consolidated into one operational project under §1965.68 of subpart B of part 1965 of this chapter.)

Servicing Office. The FmHA or its successor agency under Public Law 103-354 office designated by the State Director to service MFH accounts.

Servicing Official. The individual who by job description or other qualification is designated by the State Director with delegated responsibility to service MFH accounts.

State Director. For the purpose of this subpart, State Director also includes the Rural Housing Chief, Multiple Family Housing Coordinator, Rural Housing Specialist, and other qualified State staff when delegated responsibilities under this subpart according to §1930.143 and the provisions of FmHA or its successor agency under Public Law 103-354 Instruction 2006-F, (available in any FmHA or its successor agency under Public Law 103-354 office).

Supervision. Supervision includes the broad scope of FmHA or its successor agency under Public Law 103-354 guidance available to assist borrowers to carry out the objectives of the loan and comply with FmHA or its successor agency under Public Law 103-354 regulations.