Terms Used In Delaware Code > Title 31 > Chapter 40 > Subchapter III - Housing Development Fund and Financing of Housing Developments

• Amortization: Paying off a loan by regular installments.
• Area: means the State. See Delaware Code Title 31 Sec. 4001
• Authority: means a public body corporate or politic, organized in accordance with Chapter 43 or 45 of this title for a purpose, with the powers and subject to the restrictions set forth in those chapters, including a community exercising the powers and duties of a slum clearance and redevelopment authority; provided however, that "Authority" shall not mean the Delaware State Housing Authority. See Delaware Code Title 31 Sec. 4001
• Bequest: Property gifted by will.
• Community facilities: include lands, buildings and equipment for recreation or social assembly, for educational, health or welfare activities and other necessary utilities primarily for use and benefit of the occupants of housing accommodations to be constructed and operated under this chapter. See Delaware Code Title 31 Sec. 4001
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Council: means the State Council on Housing. See Delaware Code Title 31 Sec. 4001
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Director: means Secretary of the Department of Health and Social Services. See Delaware Code Title 31 Sec. 101
• DSHA: means the Delaware State Housing Authority created by § 4010 of this title. See Delaware Code Title 31 Sec. 4001
• 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.
• Federal mortgage: means a mortgage loan for land development or for residential housing made by the United States or an instrumentality thereof to make such a mortgage loan. See Delaware Code Title 31 Sec. 4001
• Federally insured mortgage: means a mortgage loan for land development or for residential housing insured or guaranteed by the United States or an instrumentality thereof, or a commitment by the United States or an instrumentality thereof to insure such a mortgage. See Delaware Code Title 31 Sec. 4001
• 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}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Government: includes the State and federal governments and any subdivision, agency or instrumentality, corporate or otherwise, of either of them. See Delaware Code Title 31 Sec. 4001
• Housing development: means living accommodations provided or to be provided pursuant to this chapter for 2 or more families by a housing sponsor. See Delaware Code Title 31 Sec. 4001
• Housing development costs: means the sum total of all costs incurred in the development of a housing development, which are approved by DSHA as reasonable and necessary, which costs shall include, but are not necessarily limited to:

  a. See Delaware Code Title 31 Sec. 4001

• Housing Director: means the Housing Director appointed pursuant to § 8603 of Title 29. See Delaware Code Title 31 Sec. 4001
• Housing sponsor: means individuals, public bodies, joint ventures, partnerships, limited partnerships, trusts, firms, associations or other legal entities or any combination thereof, corporations, cooperatives and condominiums, approved by DSHA, as qualified, either to own, construct, acquire, rehabilitate, operate, manage or maintain a housing development whether nonprofit or organized for limited profit and subject to the regulatory powers of DSHA and other terms and conditions set forth in this chapter. See Delaware Code Title 31 Sec. 4001
• 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage: means any instrument which secures an obligation and constitutes a lien on real property or on a leasehold under a lease having a remaining term, at the time such mortgage is acquired, which does not expire for at least that number of years beyond the maturity date of the obligation secured by such mortgage as is equal to the number of years remaining until the maturity date of such obligation. See Delaware Code Title 31 Sec. 4001
• Mortgage loan: means an interest-bearing obligation secured by a mortgage, and a note or bond which is a first lien on land and improvements in the State constituting single family or multi-family units. See Delaware Code Title 31 Sec. 4001
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Municipality: means any city, town or county in the State. See Delaware Code Title 31 Sec. 4001
• Personal property: All property that is not real property.
• Persons of low- or moderate-income: means persons or families who lack the amount of income which is necessary, as determined by DSHA or the local authority undertaking a project, to enable them without financial assistance to live in decent, safe and sanitary dwellings, without overcrowding. See Delaware Code Title 31 Sec. 4001
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302