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198A.010 Definitions for chapter.
As used in this chapter, the following words and terms, unless the context clearly
indicates a different meaning, shall have the following respective meanings:
(1) "Area median income" means the greater of the statewide median family
income or the median family income for the area in which the residence is
located, as calculated each year by the federal Department of Housing and
Urban Development for use in determining eligibility for housing programs;
(2) "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;
(3) "Commonwealth" means the Commonwealth of Kentucky;
(4) "Corporation" means the Kentucky Housing Corporation created by this
chapter;
(5) "Sponsors" means persons, corporations, associations, partnerships, or other
entities, consumer housing cooperatives and limited dividend housing
corporations, associations, partnerships, or other entities organized pursuant to
the Kentucky Revised Statutes for the primary purpose of providing housing to
persons and families of lower and moderate income, and shall include without
limitation organizations engaged in the production, origination, and
development of residential housing units intended to qualify for financial
assistance pursuant to Section 8 of the United States Housing Act of 1937, as
amended;
(6) "Development costs" means the costs approved by the corporation as
appropriate expenditures and credits which may be incurred by sponsors of
residential housing, prior to commitment and initial advance of the proceeds of
a construction loan or of a mortgage loan, including but not limited to:
(a) Payments for options to purchase properties on the proposed residential
housing site, deposits on contracts of purchase, or, with prior approval of
the 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 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;
(e) Necessary application and other fees; and
(f) Credits allowed by the corporation to recognize the value of service
provided at no cost by the sponsors, builders, and/or developers;
(7) "Fund notes" means the notes authorized to be issued by the corporation
under the provisions of KRS 198A.080;
(8) "Governmental agency" means any city, county, or other political subdivision of
the Commonwealth, the Commonwealth and any department, division, or
public agency thereof, the federal government or any political subdivision of
any other state, any public housing authority or any nonprofit corporation or
other entity legally empowered to act on behalf of any of the foregoing to
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
perform the duties of a public housing authority, or any two (2) or more thereof;
"Housing development fund" means the housing development fund created by
KRS 198A.080;
"Insured construction loan" means a construction loan for land development or
residential housing which is secured by a mortgage either insured or
guaranteed by or for which there is a commitment to insure or guarantee by:
(a) The United States of America or any agency or instrumentality thereof; or
(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 agency or instrumentality thereof;
"Insured mortgage" or "insured mortgage loan" means a mortgage loan for
land development for residential housing or for residential housing either made,
insured, or guaranteed by or for which there is a commitment to make, insure,
and guarantee by:
(a) The United States of America or any agency or instrumentality thereof; or
(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 the Commonwealth or any agency or instrumentality
thereof and shall also refer to and mean any loan for residential housing
not secured by mortgage which is insured or guaranteed to at least
eighty-five percent (85%) of its principal amount by the United States of
America or any agency or instrumentality thereof;
"Land development" means the process of acquiring land primarily for
residential housing construction for persons and families of lower and
moderate income and making, installing, or constructing nonresidential housing
improvements, including water, sewer, and other utilities, roads, streets, curbs,
gutters, sidewalks, storm drainage facilities, and other installations or works,
whether on or off the site, which the corporation deems necessary or desirable
to prepare the land primarily for residential housing construction;
"Obligations" means any bonds, bond anticipation notes, or fund notes
authorized to be issued by the corporation under the provisions of this chapter;
"Persons and families of lower and moderate income" shall include only those
individuals whose family income combined does not exceed the income
requirements defined under Section 143 of the Internal Revenue Code of 1986,
as amended;
"Residential housing" means a specific work or improvement undertaken
primarily to provide dwelling accommodations for persons and families of lower
and moderate income, including the acquisition, construction, or rehabilitation
of land, buildings, and improvements, and other nonhousing facilities as may
be incidental; and
"Tenant programs and services" means services and activities for persons and
families living in residential housing, including the following:
(a) Counseling on household management, housekeeping, budgeting, and
money management;
(b) Child care and similar matters;
(c)
(d)
(e)
(f)
(g)
(h)
Access to available community services related to job training and
placement, education, health, welfare, and other community services;
Guard and other matters related to the physical security of the housing
residents;
Effective management-tenant relations, including tenant participation in
all aspects of housing administration, management, and maintenance;
Physical improvements of the housing, including buildings, recreational
and community facilities, safety measures, and removal of code
violations;
Advisory services for tenants in the creation of tenant organizations which
will assume a meaningful and responsible role in the planning and
carrying out of housing affairs; and
Procedures whereby tenants, either individually or in a group, may be
given a hearing on questions relating to management policies and
practices, either in general or in relation to an individual or family.
Effective:March 15, 2011
History: Amended 2011 Ky. Acts ch. 23, sec. 1, effective March 15, 2011. -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 ch. 87, sec. 1, effective July 15, 1986. -- Amended 1982 Ky. Acts ch. 99,
sec. 1, effective March 23, 1982; and ch. 182, sec. 1, effective July 15, 1982. -Amended 1978 Ky. Acts ch. 220, sec. 1, effective June 17, 1978. -- Amended
1976 Ky. Acts ch. 364, sec. 1. -- Amended 1974 Ky. Acts ch. 383, sec. 1. -Created 1972 Ky. Acts ch. 70, sec. 3.
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