Terms Used In Kansas Statutes > Chapter 12 > Article 52 - Local Residential Housing

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Bonds: means any revenue bonds or notes authorized under this act and payable as provided hereunder. See Kansas Statutes 12-5221
• City: means any city organized and existing under the laws of the state of Kansas. See Kansas Statutes 12-5221
• Condominium: means any condominium as defined in Kan. See Kansas Statutes 12-5221
• 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.
• County: means any county in the state of Kansas. See Kansas Statutes 12-5221
• Dependent: A person dependent for support upon another.
• 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.
• 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}
• Governing body: means the city council or city commission of a city or the board of county commissioners of a county. See Kansas Statutes 12-5221
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Home mortgage loan: means an interest-bearing loan to a mortgagor evidenced by a promissory note and secured by a mortgage, purchased or originated in accordance with this act: (1) Made for the purpose of acquiring a home; or (2) made for the purpose of acquiring and rehabilitating a home; or (3) made for the purpose of paying the costs of rehabilitating or improving a home. See Kansas Statutes 12-5221
• 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}
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• 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.
• Lending institution: means any bank, bank holding company, credit union, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage banker or other financial institution which customarily provides service or otherwise aids in the financing of home mortgages, or any holding company for any of the foregoing. See Kansas Statutes 12-5221
• Lien: A claim against real or personal property in satisfaction of a debt.
• Manufactured home: means a structure which:

  (1) Is transportable in one or more sections which, in the traveling mode, is 8 body feet or more in width or 40 body feet or more in length, or, when erected on site, is 320 or more square feet, and which is built on a permanent chassis and designed to be used as a dwelling, with or without permanent foundation, when connected to the required utilities, and includes the plumbing, heating, air conditioning and electrical systems contained therein; and

  (2) is subject to the federal manufactured home construction and safety standards established pursuant to 42 U. See Kansas Statutes 77-201

• Mobile home: means a structure which:

  (1) Is transportable in one or more sections which, in the traveling mode, is 8 body feet or more in width and 36 body feet or more in length and is built on a permanent chassis and designed to be used as a dwelling, with or without a permanent foundation, when connected to the required utilities, and includes the plumbing, heating, air conditioning and electrical systems contained therein; and

  (2) is not subject to the federal manufactured home construction and safety standards established pursuant to 42 U. See Kansas Statutes 77-201

• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Mortgagor: means any person of low and moderate income who has received or qualifies to receive a home mortgage loan on a home. See Kansas Statutes 12-5221
• 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.
• Ordinance: means an ordinance adopted and approved by the governing body of a city or a resolution adopted and approved by the board of county commissioners of a county. See Kansas Statutes 12-5221
• Person: means a natural person or a trust for the benefit of a natural person. See Kansas Statutes 12-5221
• Persons of low and moderate income: means a person or family, consisting of one or more persons all of whom occupy or will occupy the home, whose aggregate gross income including the gross income of any cosigner or guarantor of the promissory note made in connection with the making of a home mortgage loan shall not exceed a maximum amount to be established by the city or county subject to the limitations provided herein, and determined in accordance with appropriate criteria, rules and regulations, approved by the governing body of a city or county in connection with the implementation of a residential housing finance plan. See Kansas Statutes 12-5221
• Property: includes personal and real property. See Kansas Statutes 77-201
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: include lands, tenements and hereditaments, and all rights to them and interest in them, equitable as well as legal. See Kansas Statutes 77-201
• Recess: A temporary interruption of the legislative business.
• Residence: means the place which is adopted by a person as the person's place of habitation and to which, whenever the person is absent, the person has the intention of returning. See Kansas Statutes 77-201
• Residential housing finance plan: means a program implemented under this act by a city or county to assist persons of low and moderate income in acquiring safe, decent and sanitary housing which they can afford. See Kansas Statutes 12-5221
• seal: includes an impression of the seal upon the paper alone, as well as upon wax or a wafer affixed to the paper. See Kansas Statutes 77-201
• Solar energy system: means any solar energy system as defined in subsection (a) of Kan. See Kansas Statutes 12-5221
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
• 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.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}