2009 Louisiana Laws TITLE 40 Public health and safety :: RS 40:600.2 Definitions

§600.2.  Definitions

The following terms whenever used or referred to in this Chapter shall have the following meanings, unless the context clearly indicates a different meaning:

(1)  "Agency" means the Louisiana Housing Finance Agency created by this Chapter.

(2)  "Bonds" means the bonds, notes, renewal notes, refunding bonds, interim certificates, certificates of indebtedness, debentures, or other obligations or evidences of indebtedness authorized to be issued by the agency pursuant to the provisions of this Chapter.

(3)  "Federal government" means the United States of America and any agency or instrumentality, corporate or otherwise, of the United States of America.

(4)  "Insured mortgage" means a mortgage loan for the acquisition, construction, rehabilitation or improvement of residential housing located within the state which is insured or guaranteed in whole or in part by the federal or state government, or any instrumentality or agency of the federal government or the state government, including the Louisiana Housing Finance Agency, or by a private mortgage insurance company, which insures the holder of the mortgage against financial loss.

(5)  "Lending institution" means any bank, bank or trust company, building and loan association, homestead, insurance company, investment banker, mortgage banker or company, pension or retirement fund, savings bank or savings and loan association which is authorized to do business in Louisiana.

(6)  "Mortgage" means a conventional mortgage evidencing a contract by which a person binds all or part of his immovable property in favor of another to secure the execution and enforcement of a contract, but without divesting oneself of the possession of said property.

(7)  "Mortgage loan" means a financial obligation secured by a mortgage.

(8)  "Persons or families of low or moderate income" means persons or families residing within the state who are determined by the agency pursuant to rules and regulations adopted or amended pursuant to the Administrative Procedure Act (R.S. 49:951 et seq.) to be financially unable to afford decent, safe and sanitary residential housing for their needs at the rates or costs at which unaided private enterprise is able to provide it.

(9)  "Residential housing" means a specific work or improvement within the state undertaken primarily to provide decent, safe and sanitary dwelling accommodations for persons of low or moderate income, including but not limited to, the acquisition, construction, rehabilitation or improvement of land, buildings and improvements thereto in connection with apartments, condominiums, single family homes, townhouses, and nonhousing facilities appurtenant thereto.

(10)  "State" means the state of Louisiana.

(11)  "State agency" means any board, authority, agency, department, commission, public corporation, body corporate and politic or instrumentality of the state.

(12)  "Subsidiary" means any nonprofit corporation in which the commissioners or officers of the agency constitute a majority of the governing body of such entity.

Added by Acts 1980, No. 707, §1, eff. July 24, 1980 ; Acts 2004, No. 723, §1.