Download as PDF
99A.010 Definitions for chapter.
As used in this chapter unless the context otherwise requires:
(1) "Corporation" means the Kentucky Housing Corporation;
(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, or under a lease having a period of not less than fifty (50) years to
run from the date the mortgage was executed;
(6) "Mortgage guaranty fund" means the fund created pursuant to KRS 99A.080;
(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 while preserving those portions or features of the property which are
significant to 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:
(a) The rehabilitation of an existing residential building;
(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 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 classified as an institution under the Kentucky Building Code.
Effective:July 15, 2002
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.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.