Louisiana Revised Statutes 40:600.87 – The following terms, whenever used or referred to in this Chapter shall have the following meanings, unless the context clearly indicates otherwise:
Terms Used In Louisiana Revised Statutes 40:600.87
- 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.
- 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
- 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.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
The following terms, whenever used or referred to in this Chapter shall have the following meanings, unless the context clearly indicates otherwise:
(1) “Bonds” shall have the same meaning as “Securities” in La. Rev. Stat. 39:1421(1).
(2) “Corporation” means the Louisiana Housing Corporation created by this Chapter.
(3) “Federal government” means the United States of America and any agency or instrumentality, corporate or otherwise, of the United States of America.
(4) “Insured mortgage loan” means a mortgage loan for the acquisition, construction, rehabilitation or improvement of residential housing located within the state which is insured or guaranteed in whole or in part by the federal or state government, or any instrumentality or agency of the federal government or the state government, including the Louisiana Housing Corporation, or by a private mortgage insurance company, which insures the holder of the mortgage against financial loss.
(5) “Lending institution” means any bank, investment bank, mortgage bank or company, pension or retirement fund, savings bank, or savings and loan association which is authorized to do business in Louisiana.
(6) “Mortgage” means a conventional mortgage evidencing a contract by which a person binds all or part of his immovable property in favor of another to secure the execution and enforcement of a contract, but without divesting himself of the possession of such property.
(7) “Mortgage loan” means a financial obligation secured by a mortgage.
(8) “Persons or families of low or moderate income” means an individual or household whose income qualifies as low income or moderate income as determined from time to time by the corporation’s board of directors in a manner consistent with federal housing programs.
(9) “Residential housing” means a specific work or improvement within the state undertaken primarily to provide decent, safe, and sanitary dwelling accommodations that are in compliance with Title II of the Americans with Disabilities Act, 42 U.S.C.A. §12131 et seq., for persons of low or moderate income, including, but not limited to, the acquisition, construction, rehabilitation, or improvement of land, buildings, and improvements thereto in connection with apartments, condominiums, single family homes, townhouses, and nonhousing facilities appurtenant thereto.
(10) “State” means the state of Louisiana.
(11) “State agency” means any board, authority, agency, department, commission, public corporation, body corporate and politic, or instrumentality of the state. A local housing authority established pursuant to La. Rev. Stat. 40:381 et seq., shall not be considered a “state agency”.
Acts 2011, No. 408, §1, eff. July 5, 2011; Acts 2012, No. 686, §1.