As used in this article:
(a)
“Farm” means a tract of land, which, in the opinion of the department, is capable of producing sufficiently to provide a living for the purchaser and the purchaser’s dependents.
(b)
“Home” means any of the following:
(1)
A parcel of real estate upon which there is a dwelling house or other buildings that will, in the opinion of the department, suit the needs of the purchaser and the purchaser’s dependents as a place of abode.
(2)
Condominium, as defined in subdivision (h).
(3)
Mobilehome, as defined in subdivision (k).
(4)
Cooperative housing, as defined in subdivision (m).
(c)
“Purchaser” means a veteran or any person who has entered into a contract of purchase of a farm or home from the department.
(d)
“Purchase price” means the price which the department pays for any farm or home.
(e)
“Selling price” means the price for which the department sells any farm or home.
(f)
“Initial payment” means the first payment to be made by a purchaser to the department for a farm or home.
(g)
“Progress payment plan” means payment by the department for improvements on real property in installments as work progresses.
(h)
“Condominium” means an estate in real property consisting of an undivided interest in common in a portion of a parcel of real property together with a separate interest in space in a residential building on the real property, such as an apartment, which, in the opinion of the department, suits the needs of the purchaser and the purchaser’s dependents as a place of abode. A condominium may include, in addition, a separate interest in other portions of the real property.
(i)
“Effective rate of interest” means the average interest rate of the interest on the unpaid balance due on a participation contract to which the interest of the department is subject and the interest rate on the unpaid balance of the purchase price, as determined by the department.
(j)
“Participation contract” means an obligation secured by a deed of trust or mortgage, or other security interest established pursuant to regulations of the department.
(k)
“Mobilehome” means either a parcel of real estate, or an undivided interest in common in a portion of a parcel of real property, on which is situated a mobilehome that will, in the opinion of the department, suit the needs of the purchaser and the purchaser’s dependents as a place of abode and meets all requirements of local governmental jurisdictions.
(l)
“Immediate family” means the spouse of a purchaser, the natural or adopted dependent children of the purchaser, and the parents of the purchaser if they are dependent on the purchaser for 50 percent or more of their support.
(m)
“Cooperative housing corporation” means both of the following:
(1)
A real estate development in which membership in the corporation, by stock ownership, is coupled with the exclusive right to possess a portion of the real property.
(2)
A shared equity cooperative.
(n)
“Shared equity cooperative” means a housing cooperative that provides ongoing housing affordability and individual asset accumulation and is eligible for financing under regulations of the
department.
(o)
“Shared equity cooperative housing loan” means a loan to a purchaser for the purchase of property in a shared equity cooperative.