{"data":{"id":"us-ky/krs-198a.010","jurisdiction":"us-ky","citation":"KRS 198A.010","heading":"Definitions for chapter.","body":"As used in this chapter, the following words and terms, unless the context clearly\nindicates a different meaning, shall have the following respective meanings:\n(1) \"Area median income\" means the greater of the statewide median family income or\nthe median f amily income for the area in which the residence is located, as\ncalculated each year by the federal Department of Housing and Urban Development\nfor use in determining eligibility for housing programs;\n(2) \"Bonds\" or \"notes\" means the bonds or bond anticipa tion notes authorized to be\nissued by the corporation under this chapter but shall not include any fund notes;\n(3) \"Commonwealth\" means the Commonwealth of Kentucky;\n(4) \"Corporation\" means the Kentucky Housing Corporation created by this chapter;\n(5) \"Sponsors\" means persons, corporations, associations, partnerships, or other\nentities, consumer housing cooperatives and limited dividend housing corporations,\nassociations, partnerships, or other entities organized pursuant to the Kentucky\nRevised Statutes fo r the primary purpose of providing housing to persons and\nfamilies of lower and moderate income, and shall include without limitation\norganizations engaged in the production, origination, and development of\nresidential housing units intended to qualify for  financial assistance pursuant to\nSection 8 of the United States Housing Act of 1937, as amended;\n(6) \"Development costs\" means the costs approved by the corporation as appropriate\nexpenditures and credits which may be incurred by sponsors of residential h ousing,\nprior to commitment and initial advance of the proceeds of a construction loan or of\na mortgage loan, including but not limited to:\n(a) Payments for options to purchase properties on the proposed residential\nhousing site, deposits on contracts of p urchase, or, with prior approval of the\ncorporation, payments for the purchase of properties;\n(b) Legal and organizational expenses, including payments of attorney's fees,\nproject manager, clerical, and other staff salaries, office rent, and other\nincidental expenses;\n(c) Payment of fees for preliminary feasibility studies and advances for planning,\nengineering, and architectural work;\n(d) Expenses for tenant surveys and market analyses;\n(e) Necessary application and other fees; and\n(f) Credits allowed by t he corporation to recognize the value of service provided\nat no cost by the sponsors, builders, and/or developers;\n(7) \"Fund notes\" means the notes authorized to be issued by the corporation under the\nprovisions of KRS 198A.080;\n(8) \"Governmental agency\" means any city, county, or other political subdivision of the\nCommonwealth, the Commonwealth and any department, division, or public agency\nthereof, the federal government or any political subdivision of any other state, any\npublic ho using authority or any nonprofit corporation or other entity legally\nempowered to act on behalf of any of the foregoing to perform the duties of a public\nhousing authority, or any two (2) or more thereof;\n(9) \"Housing development fund\" means the housing de velopment fund created by KRS\n198A.080;\n(10) \"Insured construction loan\" means a construction loan for land development or\nresidential housing which is secured by a mortgage either insured or guaranteed by\nor for which there is a commitment to insure or guarantee by:\n(a) The United States of America or any agency or instrumentality thereof; or\n(b) Any other entity which has been duly approved for the insuring of such loans\nby the United States of America or by the Commonwealth of Kentucky or any\nagency or instrumentality thereof;\n(11) \"Insured mortgage\" or \"insured mortgage loan\" means a mortgage loan for land\ndevelopment for residential housing or for residential housing either made, insured,\nor guaranteed by or for which there is a commitment to make, insu re, and guarantee\nby:\n(a) The United States of America or any agency or instrumentality thereof; or\n(b) Any other entity, including private mortgage insurance, which has been duly\napproved for the insuring of such loans by the United States of America or b y\nthe Commonwealth or any agency or instrumentality thereof and shall also\nrefer to and mean any loan for residential housing not secured by mortgage\nwhich is insured or guaranteed to at least eighty -five percent (85%) of its\nprincipal amount by the United  States of America or any agency or\ninstrumentality thereof;\n(12) \"Land development\" means the process of acquiring land primarily for residential\nhousing construction for persons and families of lower and moderate income and\nmaking, installing, or constru cting nonresidential housing improvements, including\nwater, sewer, and other utilities, roads, streets, curbs, gutters, sidewalks, storm\ndrainage facilities, and other installations or works, whether on or off the site, which\nthe corporation deems necessar y or desirable to prepare the land primarily for\nresidential housing construction;\n(13) \"Obligations\" means any bonds, bond anticipation notes, or fund notes authorized to\nbe issued by the corporation under the provisions of this chapter;\n(14) \"Persons and  families of lower and moderate income\" shall include only those\nindividuals whose family income combined does not exceed the income\nrequirements defined under Section 143 of the Internal Revenue Code of 1986, as\namended;\n(15) \"Residential housing\" means a  specific work or improvement undertaken primarily\nto provide dwelling accommodations for persons and families of lower and\nmoderate income, including the acquisition, construction, or rehabilitation of land,\nbuildings, and improvements, and other nonhousi ng facilities as may be incidental;\nand\n(16) \"Tenant programs and services\" means services and activities for persons and\nfamilies living in residential housing, including the following:\n(a) Counseling on household management, housekeeping, budgeting, and money\nmanagement;\n(b) Child care and similar matters;\n(c) Access to available community services related to job training and placement,\neducation, health, welfare, and other community services;\n(d) Guard and other matters related to the physical security o f the housing\nresidents;\n(e) Effective management -tenant relations, including tenant participation in all\naspects of housing administration, management, and maintenance;\n(f) Physical improvements of the housing, including buildings, recreational and\ncommunity facilities, safety measures, and removal of code violations;\n(g) Advisory services for tenants in the creation of tenant organizations which\nwill assume a meaningful and responsible role in the planning and carrying\nout of housing affairs; and\n(h) Procedures whereby tenants, either individually or in a group, may be given a\nhearing on questions relating to management policies and practices, either in\ngeneral or in relation to an individual or family.","path":["KRS Chapter 198A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=39481","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:50Z","sha256":"4812b4292cb152ef85a71323d2029db70bf574124aaab1f51d526792708aba23","source_id":"us-ky","stale":false,"prev":"us-ky/krs-198.110","next":"us-ky/krs-198a.015"},"notice":"GroundRules: Original legal text. Not legal advice."}