(1) The General Assembly hereby finds and declares that as a result of the spread of slum conditions and blight to formerly sound urban and rural neighborhoods and as a result of actions involving highways, public facilities and urban renewal activities there exists in the Commonwealth a serious shortage of decent, safe and sanitary residential housing available at prices or rentals which can be afforded by persons and families of lower and moderate income. This shortage is severe in certain urban areas of the state, is especially critical in the rural areas, and is inimical to the health, safety, welfare and prosperity of all residents of the Commonwealth and to the sound growth of Kentucky communities.
(2) The General Assembly hereby finds and declares further that private enterprise and investment have not been able to produce, without assistance, the needed construction of decent, safe and sanitary residential housing at low prices or rentals which persons and families of lower and moderate income can afford, or to achieve the urgently needed rehabilitation of much of the present supply of residential housing available for persons and families of lower and moderate income. It is imperative that the supply of residential housing for persons and families of lower and moderate income affected by the spread of slum conditions and blight and for persons and families of lower and moderate income displaced by public actions or natural disaster be increased; and that private enterprise and investment be encouraged to sponsor, build and rehabilitate residential housing for such persons and families, to help prevent the recurrence of slum conditions and blight and assist in their permanent elimination throughout the Commonwealth.

Terms Used In Kentucky Statutes 198A.020

  • Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 198A.010
  • 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.
  • Corporation: means the Kentucky Housing Corporation created by this chapter. See Kentucky Statutes 198A.010
  • Development costs: means the costs approved by the corporation as appropriate expenditures and credits which may be incurred by sponsors of residential housing, prior to commitment and initial advance of the proceeds of a construction loan or of a mortgage loan, including but not limited to:
    (a) Payments for options to purchase properties on the proposed residential housing site, deposits on contracts of purchase, or, with prior approval of the corporation, payments for the purchase of properties. See Kentucky Statutes 198A.010
  • Land development: means the process of acquiring land primarily for residential housing construction for persons and families of lower and moderate income and making, installing, or constructing nonresidential housing improvements, including water, sewer, and other utilities, roads, streets, curbs, gutters, sidewalks, storm drainage facilities, and other installations or works, whether on or off the site, which the corporation deems necessary or desirable to prepare the land primarily for residential housing construction. See Kentucky Statutes 198A.010
  • Persons and families of lower and moderate income: shall include only those individuals whose family income combined does not exceed the income requirements defined under Section 143 of the Internal Revenue Code of 1986, as amended. See Kentucky Statutes 198A.010
  • Residential housing: means a specific work or improvement undertaken primarily to provide dwelling accommodations for persons and families of lower and moderate income, including the acquisition, construction, or rehabilitation of land, buildings, and improvements, and other nonhousing facilities as may be incidental. See Kentucky Statutes 198A.010
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010

(3) The General Assembly hereby finds and declares further that the purposes of this chapter are to provide financing for development costs, land development and residential housing construction, new or rehabilitated, for sale or rental to persons and families of lower and moderate income.
(4) The General Assembly hereby finds and declares further that in accomplishing this purpose, the Kentucky Housing Corporation shall be and constitute a de jure municipal corporation and political subdivision of the Commonwealth of Kentucky created for the performance of essential public functions and the serving of public purposes in improving and promoting the health, welfare and prosperity of the people of the Commonwealth of Kentucky by the production of residential housing.
Effective: March 23, 1982
History: Amended 1982 Ky. Acts ch. 99, sec. 2, effective March 23, 1982. — Amended
1978 Ky. Acts ch. 220, sec. 2, effective June 17, 1978. — Created 1972 Ky. Acts ch.
70, sec. 2.

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