{"data":{"id":"us-ky/krs-65.370","jurisdiction":"us-ky","citation":"KRS 65.370","heading":"Acquisition and disposal of property -- Publication of information --","body":"Taxes  extinguished -- Proceeds  of sale or disposal -- Remittance  of\nproperty taxes.\n(1) The  authority shall hold in its own name, for the benefit of the parties, all\nproperties conveyed to it by the parties, all tax delinquent properties or\nproperties having local government liens acquired by it pursuant to KRS\n65.375, and all properties otherwise acquired by other means.\n(2) The authority shall administer the properties held by it, as follows:\n(a) All property held by the authority shall be inventoried, and the inventory\nshall be maintained as a public record;\n(b) The  authority shall organize and classify the property on the basis of\nsuitability for use;\n(c) The  authority shall maintain all property held by it in accordance with\napplicable laws and codes; and\n(d) The  authority shall have the power to manage, maintain, protect, rent,\nlease, repair, insure, alter, sell, trade, exchange, or otherwise dispose of\nany property on terms and conditions as determined by KRS  65.350 to\n65.375 and by the authority. The authority may assemble tracts or parcels\nof property, and may exchange parcels, and may otherwise effectuate the\npurposes of the agreement and of KRS 65.350 to 65.375.\n(3) Before the authority may  rent, lease, sell, trade, exchange, or otherwise\ndispose of any property it shall:\n(a) Establish a price for rent or lease purposes;\n(b) Establish a purchase price for sale purposes; or\n(c) Establish the conditions for sale, rent, trade, exchange, or other disposal\nof the property.\n(4) The  authority shall publish pursuant to KRS  Chapter 424, the information\nrequired pursuant to subsection (3) of this section, at least seven (7) days\nbefore any property may  be disposed of from the inventory. Immediately\nfollowing publication the authority shall notify by electronic mail all housing\nauthorities on the mailing list required pursuant to KRS 65.365 of the authority's\nintent to dispose of a specified property and the established price to rent,\nlease, or purchase the property, and conditions for disposal of the property.\n(5) No  property shall be acquired pursuant to KRS  65.350 to 65.375 by any entity\nfor investment purposes only and with no intent to use the property other than\nto transfer the property at a future date for monetary gain.\n(6) When  a property is acquired by the authority, all state, county, city, and school\ndistrict taxes shall be extinguished.\n(7) When  the authority sells or otherwise disposes of property, except property\nacquired and disposed of pursuant to KRS  65.375, all proceeds shall be\nretained by the authority.\n(8) For the first five (5) years following conveyance of the property by the authority\nto an owner that is subject to ad valorem property taxes, fifty percent (50%) of\nthe ad valorem property taxes collected from the property by all parties to the\nagreement, except school districts, shall be remitted to the authority.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=46460","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:21Z","sha256":"c94bac1d2491919a88db0b54fe940ca65a70200447ed078e2563ae248c5eb5d3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.365","next":"us-ky/krs-65.375"},"notice":"GroundRules: Original legal text. Not legal advice."}