(1) An authority may acquire by gift, devise, bequest, lease, grant, or purchase lands, structures, or interests in land necessary for the building of housing, upon terms, prices, or considerations considered reasonable by the authority and agreed upon between the authority and the owner. Title to all property acquired by the authority shall be taken in the corporate name of the authority.
(2) An authority may acquire by gift, devise, bequest, lease, grant, or purchase an interest in, by means of a partnership, joint venture, or other co-ownership arrangement, low-income and moderate-income housing stock.

Terms Used In Kentucky Statutes 80.140

  • authority: means any housing authority created pursuant to this chapter. See Kentucky Statutes 80.010
  • Bequest: Property gifted by will.
  • Devise: To gift property by will.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Housing: means a building or buildings containing rooms to be provided as living quarters, together with shops, stores, garages, laundries, doctors' and dentists' offices, and other facilities and appurtenances deemed reasonably necessary by the housing authority to the successful and economical operation of the project. See Kentucky Statutes 80.010
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010

Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 237, sec. 6, effective July 15, 1996. — Amended
1984 Ky. Acts ch. 226, sec. 4, effective July 13, 1984; and ch. 361, sec. 6, effective
July 13, 1984. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 927a-5, 927a-11, 2741x-5.

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