Terms Used In Ohio Code > Chapter 174 - Ohio Housing Trust Fund

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• 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.
• Financial assistance: means grants, loans, loan guarantees, an equity position in a project, or loan subsidies. See Ohio Code 174.01
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Grant: means funding the department of development or the Ohio housing finance agency provides for which the relevant agency does not require repayment. See Ohio Code 174.01
• Housing: means housing for owner-occupancy and multifamily rental housing. See Ohio Code 174.01
• Housing for owner-occupancy: means housing that is intended for occupancy by an owner as a principal residence. See Ohio Code 174.01
• Housing trust fund: means the low- and moderate-income housing trust fund created and administered pursuant to Chapter 174 of the Revised Code. See Ohio Code 174.01
• 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.
• Lending institution: means any financial institution qualified to conduct business in this state, a subsidiary corporation that is wholly owned by a financial institution qualified to conduct business in this state, and a mortgage lender whose regular business is originating, servicing, or brokering real estate loans and who is qualified to do business in this state. See Ohio Code 174.01
• Loan: includes financing extended to lending institutions and indebtedness purchased from lending institutions. See Ohio Code 174.01
• Loan guarantee: means any agreement in favor of a lending institution or other lender in which the credit and resources of the housing trust fund are pledged to secure the payment or collection of financing extended to a borrower for the acquisition, construction, improvement, rehabilitation or preservation of housing, or to refinance any financing previously extended for those purposes by any lender. See Ohio Code 174.01
• Loan subsidy: means any deposit of funds into a lending institution with the authorization or direction that the income or revenues the deposit earns, or could have earned at competitive rates, be applied directly or indirectly to the benefit of housing assistance or financial assistance. See Ohio Code 174.01
• Low- and moderate-income persons: means individuals and families who qualify as low- and moderate-income persons pursuant to guidelines the department establishes. See Ohio Code 174.01
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Multifamily rental housing: means multiple unit housing intended for rental occupancy. See Ohio Code 174.01
• Nonprofit organization: means a nonprofit organization in good standing and qualified to conduct business in this state including any corporation whose members are members of a metropolitan housing authority. See Ohio Code 174.01
• Population: means that shown by the most recent regular federal census. See Ohio Code 1.59
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• state: means the state of Ohio. See Ohio Code 1.59