Terms Used In Kentucky Statutes > Chapter 80 - Low-Cost Housing

• authority: means any housing authority created pursuant to this chapter. See Kentucky Statutes 80.010
• Clerk: means the clerk of the city or the clerk of the county, as the case may be, or the officer charged with the duties customarily imposed on such clerk. See Kentucky Statutes 80.010
• 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}
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal government: includes the United States of America, the United States housing authority and its successor agencies, and any other agency or instrumentality of the United States of America. See Kentucky Statutes 80.010
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means , in the case of a city, the city council, the commission, board of commissioners, board of aldermen, or other legislative body of the city, and in the case of a county, the fiscal court. See Kentucky Statutes 80.010
• Housing: means a building or buildings containing rooms to be provided as living quarters, together with shops, stores, garages, laundries, doctors' and dentists' offices, and other facilities and appurtenances deemed reasonably necessary by the housing authority to the successful and economical operation of the project. See Kentucky Statutes 80.010
• Mayor: means the mayor of the city or the officer thereof charged with the duties customarily imposed on the mayor or executive head of the city. See Kentucky Statutes 80.010
• obligee: shall include any bondholder, trustee or trustees for any bondholders, or lessor demising to the authority property used in connection with a housing project, or any assignee or assignees of such lessor's interest or any part thereof, and the federal government when it is a party to any
  contract with the authority. See Kentucky Statutes 80.010
• Personal property: All property that is not real property.
• Persons of low income: means persons or families who lack the amount of income which is necessary, as determined by the housing authority undertaking the housing development, to enable them, without financial assistance, to live in decent, safe, and sanitary dwellings, without overcrowding. See Kentucky Statutes 80.010
• Public body: means any city, county, commission, district, authority, or other public body or political subdivision of the Commonwealth. See Kentucky Statutes 80.010
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Real property: includes all lands, including improvements and fixtures thereon, and property of any nature appurtenant thereto, or used in connection therewith, and every estate, interest and right, legal or equitable, therein, including terms for years and liens by way of judgment, mortgage, or otherwise and the indebtedness secured by such liens. See Kentucky Statutes 80.010
• Slum: means any area where dwellings predominate which, by reason of dilapidation, overcrowding, lack of ventilation, light, or sanitary facilities, or any combination of these factors are detrimental to safety, health and morals. See Kentucky Statutes 80.010