Terms Used In South Carolina Code > Title 31 > Chapter 23 - South Carolina Community Land Trust

• affordability: means , with respect to dwelling units for sale, the mortgage amortization, taxes, insurance and condominium or association fees, if any, or, with respect to dwelling units for rent, the rent and utilities that constitute no more than thirty percent of the annual household income for low or moderate income households, adjusted by household size, for the metropolitan statistical area in which the rental dwelling unit is located, as published from time to time by the United States Department of Housing and Urban Development (HUD). See South Carolina Code 31-23-20
• Amortization: Paying off a loan by regular installments.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board of directors: means the governing body of a community land trust duly elected and constituted in accordance with the bylaws of such organization. See South Carolina Code 31-23-20
• Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Docket: A log containing brief entries of court proceedings.
• 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}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• First option to purchase: means the right of a CLT to purchase, at a formula-determined price, any improvements, leasehold interests or any other interests of a lessee of property the underlying title of which is vested in the CLT, or which is the subject of restrictive covenants as to continued affordability, which covenants are enforceable by the CLT. See South Carolina Code 31-23-20
• Formula-determined price: means a price determined by means of a predetermined calculation which is contained in a ground lease between a CLT and a lessee which is related to the resale price of any building or other improvements situated on land owned by a CLT or encumbered with a covenant enforceable by a CLT and is intended to maintain the affordability of the building or other improvements. See South Carolina Code 31-23-20
• Housing development and support organization: means a nonprofit organization that has the ability under its articles of incorporation and bylaws to:
  
  (a) acquire parcels of land for use as affordable housing with the intention of entering into long-term ground leases;
  
  (b) convey ownership of any structural improvements located on such leased parcels to various lessees;
  
  (c) retain a preemptive option to purchase any such improvements at a formula-determined price; and
  
  (d) provide organizational support, technical assistance, education, training and community support to its members. See South Carolina Code 31-23-20
• 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.
• 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}
• Leasehold interest: means the interest of a lessee under a ground lease. See South Carolina Code 31-23-20
• Low-income: means aggregate household income at or below eighty percent of the area median income, as determined by HUD. See South Carolina Code 31-23-20
• Member-based: means an organization the membership of which is open to all adult residents of the geographic area served by the organization, and that the members of the organization's board of directors are directly elected by the membership as provided in the bylaws of the organization. See South Carolina Code 31-23-20
• Moderate-income: means aggregate household income between eighty percent and one hundred and twenty percent of area median income, as determined by HUD. See South Carolina Code 31-23-20
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Personal property: All property that is not real property.
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Plea agreement: An arrangement between the prosecutor, the defense attorney, and the defendant in which the defendant agrees to plead guilty in exchange for special considerations. ^Source:
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public funding: means financial resources provided by a federal, state, regional, or local governmental organization or by a local or regional housing trust fund or housing authority. See South Carolina Code 31-23-20
• Public support: means nonfinancial resources that may include donated land or the conveyance of publicly owned property or the assignment of the first right to purchase reduced price housing units obtained from a private developer as a result of local government regulatory mandates or incentives. See South Carolina Code 31-23-20
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Statute: A law passed by a legislature.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Verdict: The decision of a petit jury or a judge.