§ 1951.652 - Definitions.

As used in this subpart, the following definitions apply:

(a) Active borrower. A borrower who has an outstanding account in the records of the Finance Office, including collection-only or an unsatisfied account balance where a voluntary conveyance was accepted without release from liability or foreclosure did not satisfy the indebtedness.

(b) Assistance. Financial assistance in the form of a loan, grant, or subsidy received.

(c) Debt instrument. Used as a collective term to include promissory note, assumption agreement, grant agreement/resolution, or bond.

(d) False information. Information, known to be incorrect, provided with the intent to obtain benefits which would not have been obtainable based on correct information.

(e) Inaccurate information. Incorrect information provided inadvertently without intent to obtain benefits fraudulently.

(f) Inactive borrower. A former borrower whose loan(s) has(have) been paid in full or assumed by another party(ies) and who does not have an outstanding account in the records of the Finance Office.

(g) Recipient. “Recipient” refers to an individual or entity that received a loan, or portion of a loan, an interest subsidy, or a grant which was unauthorized or was not made subject to restrictive-use provisions required by law and/or regulation.

(h) Unauthorized assistance. Any loan, interest subsidy, or grant, or any portion thereof, received by a borrower or grantee for which there was no regulatory authorization, or for which the recipient was not eligible.

Interest subsidy includes interest credits, rental assistance, and subsidy benefits received because a loan was made at a lower interest rate than that to which the recipient was entitled, whether the incorrect interest rate was selected erroneously by the approval official, or the documents were prepared in error.