Wisconsin Statutes 234.622 – Definitions
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Terms Used In Wisconsin Statutes 234.622
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Land: includes lands, tenements and hereditaments and all rights thereto and interests therein. See Wisconsin Statutes 990.01
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
(1) “Co-owner” means a natural person who, at the time of the initial application has an ownership interest in the qualifying dwelling unit of a participant in the program and fulfills one of the following requirements:
(a) Is the participant’s spouse and a physician certifies that the participant or the co-owner is permanently disabled.
(b) Is at least 60 years of age.
(2m) “Executive director” means the executive director of the authority.
(3) “Free and clear” means that rights to transfer full title to the qualifying dwelling unit after satisfaction of permitted obligations are vested in the participant and co-owners.
(3m) “Ownership interest” includes being a spouse of a participant.
(4) “Participant” means any of the following:
(a) A natural person 65 years of age or older who has been accepted into the program.
(b) A veteran, as defined in s. 45.01 (12) (a) to (f), who has been accepted into the program.
(5) “Permitted obligations” means the total amount of outstanding liens and judgments on the qualifying dwelling unit if that amount does not exceed 33 percent of the value of the unit as determined by the most recent assessment for property tax purposes. For purposes of ss. 234.621 to 234.626, housing and rehabilitation loans under s. 234.49 and liens arising under ss. 234.621 to 234.626 shall not be considered outstanding liens or judgments in computing the amount of permitted obligations.
(7) “Qualifying dwelling unit” means a dwelling unit, not including a mobile home as defined in s. 101.91 (10), located in this state, habitable as a permanent residence and to which property taxes or special assessments are, or may conveniently be, allocated and up to one acre of land appertaining to it held in the same ownership as the dwelling unit. For purposes of ss. 234.621 to 234.626, “qualifying dwelling unit” includes a unit in a condominium or in a cooperative or an unincorporated cooperative association or in a multiunit dwelling with 4 or fewer units, but in all of these 3 cases only the portion of taxes or special assessments allocable to the unit lived in by the participant may qualify for loans under ss. 234.621 to 234.626.