Terms Used In Indiana Code > Title 5 > Article 20 - Housing

• account: refers to the Indiana housing first account established by section 7 of this chapter. See Indiana Code 5-20-9-1
• agency: means the agency or other entity that administers the affordable housing program under this chapter. See Indiana Code 5-20-5-1
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• authority: means the Indiana housing and community development authority created by IC 5-20-1-3. See Indiana Code 5-20-5-2
• authority: refers to the Indiana housing and community development authority established under IC 5-20-1. See Indiana Code 5-20-4-3
• Authority: refers to the Indiana housing and community development authority created by IC 5-20-1-3. See Indiana Code 5-20-2-2
• Authority: means the Indiana housing and community development authority created by section 3 of this chapter. See Indiana Code 5-20-1-2
• authority: refers to the Indiana housing and community development authority created by IC 5-20-1-3. See Indiana Code 5-20-6-1
• authority: refers to the Indiana housing and community development authority created by IC 5-20-1-3. See Indiana Code 5-20-9-2
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bonds: means the revenue bonds authorized to be issued under this chapter and includes notes and any and all other limited obligations of a county or municipality payable as provided in this chapter. See Indiana Code 5-20-2-2
• Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
• Construction loan: means a loan to provide interim financing for the acquisition or construction of single family residential housing, including land development. See Indiana Code 5-20-1-2
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Dependent: A person dependent for support upon another.
• developers: means corporations, associations, partnerships, limited liability companies, or other entities and consumer housing cooperatives organized pursuant to law for the primary purpose of providing housing to low and moderate income persons and families. See Indiana Code 5-20-1-2
• eligible entity: refers to a city, town, or county. See Indiana Code 5-20-5-3
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• families: has the meaning set forth in Indiana Code 5-20-4-2
• families: has the meaning set forth in Indiana Code 5-20-5-4
• families of low and moderate income: has the meaning set forth in IC 5-20-1-2. See Indiana Code 5-20-3-1
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• fund: refers to the affordable housing and community development fund established by section 7 of this chapter. See Indiana Code 5-20-4-4
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governmental agency: means any department, division, public agency, political subdivision, or other public instrumentality of the state of Indiana, the federal government, any other state or public agency, or any two (2) or more thereof. See Indiana Code 5-20-1-2
• Home: means real property and improvements thereon constructed for human habitation, located within the county or municipality, consisting of not more than four (4) units, and owned by one (1) mortgagor who occupies or intends to occupy one (1) of such units. See Indiana Code 5-20-2-2
• Home mortgage: means an interest bearing loan for not to exceed thirty (30) years to a mortgagor for the purpose of purchasing or improving a home, evidenced by a promissory note and secured by a mortgage on this home, but shall not include a loan primarily for the purpose of refinancing an existing loan. See Indiana Code 5-20-2-2
• housing crisis: means a situation in which an individual or a household does not have sufficient resources or support networks immediately available to maintain safe and affordable housing or to prevent the individual or household from requiring emergency housing. See Indiana Code 5-20-9-4
• housing project: means any work or undertaking to provide decent, safe, and sanitary urban or rural dwellings, apartments, or other living accommodations for families of low and moderate income, including:

  Indiana Code 5-20-3-2

• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Land development: means the process of acquiring land primarily for residential housing construction for persons and families of low and moderate income and making, installing, or constructing nonresidential housing improvements, including water, sewer, and other utilities, roads, streets, curbs, gutters, sidewalks, storm drainage facilities, and other installations or works, whether on or off the site, which the authority deems necessary or desirable to prepare such land primarily for residential housing construction. See Indiana Code 5-20-1-2
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lending institution: means any bank, trust company, savings bank, national banking association, savings association, mortgage banker, or other financing institution or governmental agency which customarily provides service or otherwise aids in the financing of mortgages on single family residential housing or multifamily residential housing, which institution, for a county, is located in that county, and for a municipality is located in the county in which the municipality is located, or any holding company for any of the foregoing. See Indiana Code 5-20-2-2
• Lien: A claim against real or personal property in satisfaction of a debt.
• lower income families: has the meaning set forth in IC 5-20-4-5. See Indiana Code 5-20-5-6
• minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage lender: means a bank, trust company, savings bank, savings association, credit union, national banking association, federal savings association or federal credit union maintaining an office in this state, a public utility (as defined in IC 8-1-2-1), a gas utility system organized under Indiana Code 5-20-1-2
• mortgage loan: means a loan to provide permanent financing for:

  Indiana Code 5-20-1-2

• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: means an individual, or two (2) or more individuals acting together, who have received a home mortgage under this chapter. See Indiana Code 5-20-2-2
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Municipality: means a city or town. See Indiana Code 5-20-2-2
• mutual housing association: refers to a corporation established under section 4 of this chapter. See Indiana Code 5-20-3-3
• notes: means the bonds or notes authorized to be issued by the authority under this chapter. See Indiana Code 5-20-1-2
• Oath: A promise to tell the truth.
• Oath: includes "affirmation" and "to swear" includes to "affirm". See Indiana Code 1-1-4-5
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Obligations: means any bonds or notes authorized to be issued by the authority under this chapter. See Indiana Code 5-20-1-2
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Persons and families of low and moderate income: means persons and families of insufficient personal or family income to afford adequate housing as determined by the standards established by the authority, and in determining such standards the authority shall take into account the following:

  Indiana Code 5-20-1-2

• Plaintiff: The person who files the complaint in a civil lawsuit.
• Population: has the meaning set forth in Indiana Code 1-1-4-5
• program: refers to the Indiana housing first program established by section 6 of this chapter. See Indiana Code 5-20-9-5
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Quorum: The number of legislators that must be present to do business.
• real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recording officer: means the clerk or clerk-treasurer of a county or municipality. See Indiana Code 5-20-2-2
• Residential housing: means a specific work or improvement undertaken primarily to provide single or multiple family housing for rental or sale to persons and families of low and moderate income, including the acquisition, construction, or rehabilitation of lands, buildings, and improvements to the housing, and such other nonhousing facilities as may be incidental or appurtenant to the housing. See Indiana Code 5-20-1-2
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: means the state of Indiana. See Indiana Code 5-20-1-2
• Statute: A law passed by a legislature.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• very low income families: means families whose income does not exceed fifty percent (50%) of the median for the area. See Indiana Code 5-20-4-6
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5