Terms used in this chapter mean:

(1) “Area of operation,” in the case of a commission created in and for a municipality or county, the area within the territorial boundaries of that municipality or that county;

(2) “Bonds,” any bonds, including refunding bonds, notes, interim certificates, debentures, or other obligations issued by a commission pursuant to this chapter;

(3) “Clerk,” the auditor of a first or second class municipality or clerk of a third class municipality, or county auditor;

(4) “Commission,” a municipal housing and redevelopment commission created by this chapter;

(5) “Federal government,” includes the United States of America, the housing and home finance agency, the public housing administration, or any other department, agency, or instrumentality, corporate or otherwise, of the United States of America;

(6) “Federal legislation,” includes the “United States Housing Act of 1937,” the “Housing Act of 1949,” any act in amendment thereof or in addition thereto, and any other legislation of the Congress of the United States relating to federal assistance for clearance of substandard or decadent areas, land assembly, redevelopment projects, or housing;

(7) “Governing body,” the board of commissioners, common council, board of trustees, or other body charged with governing any municipality;

(7A) “Housing development project,” any work or undertaking to provide housing for persons of moderate income and their families. This work or undertaking may include the planning of building and improvements, the acquisition of real property which may be needed immediately or in the future for housing purposes, the construction, reconstruction, alteration and repair of new or existing buildings and the provisions of all equipment, facilities, and other real or personal property for necessary, convenient, or desirable appurtenances, streets, sewers, water service, utilities, site preparation, landscaping, administrative, community health, recreation, or welfare, or other purposes;

(8) “Mayor,” the mayor or president of the board of trustees of a municipality, or the officer of the municipality charged with the duties customarily imposed on the mayor or executive head of the municipality;

(9) “Municipality,” any incorporated city or town;

(10) “Obligee of the commission” or “obligee,” includes any bondholder, agents or trustees for any bondholder, and the federal government if it is a party to any contract with the commission;

(11) “Person,” any individual, firm, partnership, limited liability company, corporation, company association, joint stock association, or body politic; and includes any trustee, receiver, assignee, or other similar representative thereof;

(12) “Persons of low income,” persons or families who lack the amount of income which is necessary (as determined by the commission undertaking a project in accordance with the provisions of this chapter) to enable them, without financial assistance, to live in decent, safe, and sanitary dwellings, without overcrowding;

(12A) “Persons of moderate income and their families,” persons and families whose income is not adequate to cause private enterprise to provide without governmental assistance a substantial supply of decent, safe, and sanitary housing at rents or prices within their financial means;

(13) “Project,” a housing project or redevelopment project (as defined in §§ 11-7-4 and 11-7-5) or both or a housing development project. The term also may be applied to all real and personal property, assets, cash, or other funds, held or used in connection with the development or operation of the housing project or redevelopment project, as the case may be;