99A.010 Definitions for chapter.
As used in this chapter unless the context otherwise requires: <br>(1) "Corporation" means the Kentucky Housing Corporation; <br>(2) "Executive director" means the executive director of the Kentucky Housing
Corporation;
(3) "Insurer" means any company qualified to write mortgage guaranty insurance in
accordance with Subtitle 23 of KRS Chapter 304;
(4) "Local government" means a county, city, consolidated local government, or urban-
county;
(5) "Mortgage" shall mean a first mortgage on real estate, in fee simple, or on a
leasehold under a lease for not less than ninety-nine (99) years which is renewable, <br>or under a lease having a period of not less than fifty (50) years to run from the date <br>the mortgage was executed;
(6) "Mortgage guaranty fund" means the fund created pursuant to KRS 99A.080; <br>(7) "Mortgagee" means the original lender under a mortgage and his successors and
assigns;
(8) "Mortgagor" means the original borrower under a mortgage and his successors and
assigns;
(9) "Rehabilitation" means the process of returning a structure to a state of utility
through repair or alteration which makes possible an efficient contemporary use <br>while preserving those portions or features of the property which are significant to <br>historical, architectural, and cultural values;
(10) "Rehabilitation loan" means a loan, advance of credit, or purchase of an obligation
representing a loan or advance of credit, made for the purpose of financing: <br>(a) The rehabilitation of an existing residential building; <br>(b) The rehabilitation of such a structure and the refinancing of the outstanding
indebtedness on such structure and the real property on which the structure is <br>located; or
(c) The rehabilitation of such a structure and the purchase of the structure and the
real property on which it is located; and
(11) "Residential building" means a building in which sleeping accommodations or
sleeping accommodations and cooking facilities as a unit are provided except when <br>classified as an institution under the Kentucky Building Code.
Effective: July 15, 2002 <br>History: Amended 2002 Ky. Acts ch. 346, sec. 132, effective July 15, 2002. -- Created
1984 Ky. Acts ch. 174, sec. 2, effective July 13, 1984.
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