Terms Used In West Virginia Code 31-18-19

• Development costs: means the costs approved by the Housing Development Fund as appropriate expenditures by the Housing Development Fund or by sponsors, for land development, residential housing, or nonresidential projects within this state, including, but not limited to:

  (a) Payments for options to purchase proposed sites, necessary easements, and other related property rights, deposits on contracts of purchase, or, with prior approval of the Housing Development Fund, payments for the purchase of such properties. See West Virginia Code 31-18-3

• Housing Development Fund: means the West Virginia Housing Development Fund heretofore created and established by §. See West Virginia Code 31-18-3
• Land development: means the process of acquiring land for residential housing construction or nonresidential projects or of making, installing, or constructing improvements, including waterlines and water supply installations, sewer lines and sewage disposal installations, steam, gas, telephone, and telecommunications and electric lines and installations, roads, railroad spurs, docking and shipping facilities, streets, curbs, gutters, sidewalks, drainage, and flood control facilities, whether on or off the site, which the Housing Development Fund deems necessary or desirable to prepare such land for construction within this state. See West Virginia Code 31-18-3
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Operating Loan Fund: means the operating loan fund which may be created and established by the Housing Development Fund in accordance with §. See West Virginia Code 31-18-3
• Persons and families of low and moderate income: means persons and families, irrespective of race, creed, national origin, or sex, determined by the Housing Development Fund to require such assistance as is made available by this article on account of personal or family income not sufficient to afford sanitary, decent, and safe housing, and to be eligible or potentially eligible to occupy residential housing constructed and financed, wholly or in part, with federally insured construction loans, federally insured mortgages, federal mortgages, or with other public or private assistance, or with uninsured construction loans, or uninsured mortgage loans, and in making such determination the fund shall take into account the following: (a) The amount of the total income of such persons and families available for housing needs. See West Virginia Code 31-18-3
• Residential housing: means a specific work or improvement within this state undertaken primarily to provide dwelling accommodations, including the acquisition, construction, or rehabilitation of land, buildings, and improvements thereto, for residential housing for occupancy by eligible persons and families, including, but not limited to, facilities for temporary housing and emergency housing, nursing homes and intermediate care facilities, and such other nonhousing facilities as may be incidental or appurtenant thereto. See West Virginia Code 31-18-3
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Uninsured construction loans: means a construction loan for land development, residential housing or nonresidential projects which is not secured by either a federally insured mortgage or a federal mortgage, and which is not insured by the United States or an instrumentality thereof, and as to which there is no commitment by the United States or an instrumentality thereof to provide insurance. See West Virginia Code 31-18-3