Florida Statutes 420.631 – Definitions relating to Urban Homesteading Act
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Terms Used In Florida Statutes 420.631
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of Economic Opportunity. See Florida Statutes 420.602
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
As used in ss. 420.630–420.635:
(1) “Authority” or “housing authority” means any of the public corporations created under s. 421.04.
(2) “Homestead agreement” means a written contract between a local government or its designee and a qualified buyer which contains the terms under which the qualified buyer may acquire a single-family housing property.
(3) “Local government” means any county or incorporated municipality within this state.
(4) “Designee” means a housing authority appointed by a local government, or a nonprofit community organization appointed by a local government, to administer the urban homesteading program for single-family housing under ss. 420.630–420.635.
(5) “Nonprofit community organization” means an organization that is exempt from taxation under s. 501(c)(3) of the Internal Revenue Code.
(6) “Office” means the Office of Urban Opportunity within the Department of Economic Opportunity.
(7) “Qualified buyer” means a person who meets the criteria under s. 420.633.
(8) “Qualified loan rate” means an interest rate that does not exceed the interest rate charged for home improvement loans by the Federal Housing Administration under Title I of the National Housing Act, ch. 847, 48 Stat. 1246, or 12 U.S.C. ss. 1702, 1703, 1705, and 1706b et seq.