{"data":{"id":"us-ky/krs-198a.065","jurisdiction":"us-ky","citation":"KRS 198A.065","heading":"Waiver of income -- Eligibility requirements.","body":"(1) The General Assembly of the Commonwealth of Kentucky hereby finds and\ndetermines that in order to provide for the greatest possible participation by the\ncorporation in programs for the insurance or guarantee of mortgage loans for the\nconstruction or rehabilitation of residential housing projects by the United States of\nAmerica, or an agency or instrumentality thereof; or by any other entity, including\nprivate mortgage insurance, which has been duly approved for these loans by the\nUnited States of America or by the Commonwealth or any agency or instrumentality\nthereof, if the criteria for state approval are specified in administrative regulations\npromulgated under KRS Chapter 13A by the state agency granting the approval; or\nfor mortgage loans that are insure d or reinsured by the corporation under KRS\n198A.040(25), it is appropriate and proper that there be provision by which the\nmaximum amounts of income for persons and families of lower and moderate\nincome established by this chapter may be waived in certain  circumstances so that\nthe corporation may insure or reinsure mortgage loans or qualify for insurance or\nguarantee of mortgage loans.\n(2) Notwithstanding the requirements of KRS 198A.010(14), 198A.060(1), or any other\nprovisions of law to the contrary, the  corporation may, by action of its board of\ndirectors, suspend or terminate any income -eligibility requirements established by\nthis chapter, subject to subsection (3) of this section, upon written request of any\nprivate mortgage insurance company or any agency or instrumentality of the United\nStates of America which has insured or guaranteed mortgage loans made by the\ncorporation for the construction or rehabilitation of a specific residential housing\nproject or for any mortgage loan insured or reinsured by  the corporation under KRS\n198A.040(25), upon a finding by the board of directors of the existence of one (1)\nor more of the following conditions with respect to that project:\n(a) Serious rental or occupancy problems which threaten the financial stability of\nthe project, defined as a project which cannot meet its debt service obligation\nfrom available rental income; or\n(b) A default as to one (1) or more of the terms of the mortgage loan; or\n(c) A foreclosure of the mortgage loan; or\n(d) A conveyance of real estate by a deed in lieu of foreclosure.\n(3) If the corporation suspends or terminates income eligibility requirements relating to\na project financed by a loan which is insured or guaranteed by a private mortgage\ninsurance company or the corporation, the corporation shall file with the Legislative\nResearch Commission notice of, and an explanation of the need for, the suspension\nor termination. The Commission shall refer the notice and explanation to the\nappropriate interim joint subcommittee for review. T he corporation shall also\nprovide to the reviewing subcommittee information relating to the management of,\nand plans for, the project.","path":["KRS Chapter 198A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=39483","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:50Z","sha256":"8c36f2f75f5cb996ab1e330cc871f780aff8c603d11803b1cb99376e4052f3d4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-198a.060","next":"us-ky/krs-198a.067"},"notice":"GroundRules: Original legal text. Not legal advice."}