198A.010 Definitions.
Download pdf
Loading PDF...
<![CDATA[198A.010 Definitions. The following words and terms, unless the context clearly indicates a different meaning, <br>shall have the following respective meanings: <br>(1) "Bonds" or "notes" means the bonds or bond anticipation notes authorized to be issued by the corporation under this chapter but shall not include any fund notes; (2) "Commonwealth" means the Commonwealth of Kentucky; <br>(3) "Corporation" means the Kentucky Housing Corporation created by this chapter; <br>(4) "Sponsors" means persons, corporations, associations, partnerships, or other entities, consumer housing cooperatives and limited dividend housing corporations, <br>associations, partnerships, or other entities organized pursuant to the Kentucky <br>Revised Statutes for the primary purpose of providing housing to persons and <br>families of lower and moderate income, and shall include without limitation <br>organizations engaged in the production, origination, and development of <br>residential housing units intended to qualify for financial assistance pursuant to <br>Section 8 of the United States Housing Act of 1937, as amended; (5) "Development costs" means the costs approved by the corporation as appropriate expenditures and credits which may be incurred by sponsors of residential housing, <br>prior to commitment and initial advance of the proceeds of a construction loan or of <br>a mortgage loan, including but not limited to: <br>(a) Payments for options to purchase properties on the proposed residential housing site, deposits on contracts of purchase, or, with prior approval of the <br>corporation, payments for the purchase of properties; (b) Legal and organizational expenses, including payments of attorney's fees, project manager, clerical, and other staff salaries, office rent, and other <br>incidental expenses; (c) Payment of fees for preliminary feasibility studies and advances for planning, engineering, and architectural work; (d) Expenses for tenant surveys and market analyses; <br>(e) Necessary application and other fees; and <br>(f) Credits allowed by the corporation to recognize the value of service provided at no cost by the sponsors, builders, and/or developers; (6) "Fund notes" means the notes authorized to be issued by the corporation under the provisions of KRS 198A.080; (7) "Governmental agency" means any city, county, or other political subdivision of the Commonwealth, the Commonwealth and any department, division, or public agency <br>thereof, the federal government or any political subdivision of any other state, any <br>public housing authority or any nonprofit corporation or other entity legally <br>empowered to act on behalf of any of the foregoing to perform the duties of a public <br>housing authority, or any two (2) or more thereof; (8) "Housing development fund" means the housing development fund created by KRS 198A.080; (9) "Insured construction loan" means a construction loan for land development or residential housing which is secured by a mortgage either insured or guaranteed by <br>or for which there is a commitment to insure or guarantee by: <br>(a) The United States of America or any agency or instrumentality thereof; or <br>(b) Any other entity which has been duly approved for the insuring of such loans by the United States of America or by the Commonwealth of Kentucky or any <br>agency or instrumentality thereof; (10) "Insured mortgage" or "insured mortgage loan" means a mortgage loan for land development for residential housing or for residential housing either made, insured, <br>or guaranteed by or for which there is a commitment to make, insure, and guarantee <br>by: <br>(a) The United States of America or any agency or instrumentality thereof; or <br>(b) Any other entity, including private mortgage insurance, which has been duly approved for the insuring of such loans by the United States of America or by <br>the Commonwealth or any agency or instrumentality thereof and shall also <br>refer to and mean any loan for residential housing not secured by mortgage <br>which is insured or guaranteed to at least eighty-five percent (85%) of its <br>principal amount by the United States of America or any agency or <br>instrumentality thereof; (11) "Land development" means the process of acquiring land primarily for residential housing construction for persons and families of lower and moderate income and <br>making, installing, or constructing nonresidential housing improvements, including <br>water, sewer, and other utilities, roads, streets, curbs, gutters, sidewalks, storm <br>drainage facilities, and other installations or works, whether on or off the site, which <br>the corporation deems necessary or desirable to prepare the land primarily for <br>residential housing construction; (12) "Obligations" means any bonds, bond anticipation notes, or fund notes authorized to be issued by the corporation under the provisions of this chapter; (13) "Persons and families of lower and moderate income" shall include only those individuals whose family income combined does not exceed the income <br>requirements defined under Section 143 of the Internal Revenue Code of 1986, as <br>amended; (14) "Residential housing" means a specific work or improvement undertaken primarily to provide dwelling accommodations for persons and families of lower and <br>moderate income, including the acquisition, construction, or rehabilitation of land, <br>buildings, and improvements, and other nonhousing facilities as may be incidental; (15) "Tenant programs and services" means services and activities for persons and families living in residential housing, including the following: <br>(a) Counseling on household management, housekeeping, budgeting, and money management; (b) Child care and similar matters; <br>(c) Access to available community services related to job training and placement, education, health, welfare, and other community services; (d) Guard and other matters related to the physical security of the housing residents; (e) Effective management-tenant relations, including tenant participation in all aspects of housing administration, management, and maintenance; (f) Physical improvements of the housing, including buildings, recreational and community facilities, safety measures, and removal of code violations; (g) Advisory services for tenants in the creation of tenant organizations which will assume a meaningful and responsible role in the planning and carrying <br>out of housing affairs; and (h) Procedures whereby tenants, either individually or in a group, may be given a hearing on questions relating to management policies and practices, either in <br>general or in relation to an individual or family. Effective: March 15, 2002 <br>History: Amended 2002 Ky. Acts ch. 61, sec. 1, effective March 15, 2002. -- Amended 1988 Ky. Acts ch. 215, sec. 1, effective July 15, 1988. -- Amended 1986 Ky. Acts <br>ch. 87, sec. 1, effective July 15, 1986. -- Amended 1982 Ky. Acts ch. 99, sec. 1, <br>effective March 23, 1982; and ch. 182, sec. 1, effective July 15, 1982. -- Amended <br>1978 Ky. Acts ch. 220, sec. 1, effective June 17, 1978. -- Amended 1976 Ky. Acts <br>ch. 364, sec. 1. -- Amended 1974 Ky. Acts ch. 383, sec. 1. -- Created 1972 Ky. Acts <br>ch. 70, sec. 3. ]]>