Title XVII, Economic Security and Public Welfare

As used in this chapter, the following words and terms, unless the context clearly indicates a different meaning, shall have the following respective meanings: (1) "Area median income" means the greater of the statewide median family income or the median family income for the are…

The General Assembly of the Commonwealth of Kentucky hereby finds and determines that in order to comply with technical income tax rules and regulations proposed to be adopted by the Department of the Treasury, Internal Revenue Service, with regard to the issuance of securities b…

(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 Common…

The General Assembly hereby finds and declares it to be in the public interest to establish a state policy on housing. The objectives of a Kentucky housing policy shall be to: (1) Encourage the availability of decent and affordable housing for all Kentucky residents; (2) Identify…

initiatives. (1) Notwithstanding any statute, administrative regulation, or common law to the contrary, appropriations from the general fund, any restricted fund, or the road fund shall not be expended by any state or local officer, official, employee, or agency for any initiativ…

Officers of corporation and duties. (1) There is hereby created and established an independent, de jure municipal corporation and political subdivision of the Commonwealth which shall be a public body corporate and politic to be known as the Kentucky Housing Corporation. (2) The …

(1) The Kentucky Housing Corporation shall oversee the development and implementation of the Kentucky housing policy. The corporation shall create an advisory committee on housing policy consisting of the following: (a) The following nine (9) state government members, or their du…

The corporation shall have all of the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including but without limiting the generality of the foregoing the power: (1) To make or participate in the making of insured construction…

(1) In the administration of the programs authorized by or receiving benefits under KRS 198A.040, the executive director of the Kentucky Housing Corporation shall require: (a) That to the greatest extent feasible opportunities for training and employment arising in connection wit…

regulations. (1) The corporation shall work with the Kentucky Heritage Council to administer the certified rehabilitation credit permitted by KRS 171.398. (2) For commercial residential property that is granted credit based on thirty percent (30%) of qualified rehabilitation expe…

entities -- Limit on return of investment of stockholders or members. (1) The loan agreement or the articles of incorporation, association, partnership or other governing documents of any sponsor, builder or developer assisted under this chapter shall contain, in addition to othe…

(1) The General Assembly of the Commonwealth of Kentucky hereby finds and determines that in order to provide for the greatest possible participation by the corporation in programs for the insurance or guarantee of mortgage loans for the construction or rehabilitation of resident…

(1) Obligations issued under the provisions of this chapter shall not be deemed to constitute a debt, liability or obligation of the state or of any political subdivision thereof or a pledge of the faith and credit of the state or of any such political subdivision, but shall be p…

(1) There is hereby created and established a loan fund to be known as the housing development fund and to be administered by the corporation as a trust fund separate and distinct from all other moneys, funds, or assets administered by the corporation. (2) The housing development…

Approval of General Assembly required for certain bond or note issuances. (1) Except as provided in subsection (6) of this section, the corporation may provide for the issuance, at one (1) time or from time to time, of bonds of the corporation if the cumulative outstanding indebt…

In the discretion of the corporation any obligations issued under the provisions of this chapter may be secured by a trust agreement by and between the corporation and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or witho…

The pledge of any assets or revenues of the corporation to the payment of the principal of or the interest on any obligations of the corporation shall be valid and binding from the time when the pledge is made and any such assets or revenues shall immediately be subject to the li…

Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of this chapter shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The resolution authorizing any obligations or the trust agreemen…

the corporation. Any holder of obligations issued under the provisions of this chapter or any coupons appertaining thereto, and the trustee under any trust agreement or resolution authorizing the issuance of such obligations, except the rights herein given may be restricted by su…

Notwithstanding any of the foregoing provisions of this chapter or any recitals in any obligations issued under the provisions of this chapter, all such obligations and interest coupons appertaining thereto shall be and are hereby made negotiable instruments under the laws of thi…

investments. Obligations issued under the provisions of this chapter are hereby made securities in which all public officers and public bodies of the Commonwealth and its political subdivisions, all insurance companies, trust companies, banking associations, investment companies,…

(1) The corporation is hereby authorized to provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding which shall have been issued under the provisions of this chapter, including the payment of any redemption premium thereon a…

The corporation shall be authorized and empowered in connection with the issuance of its bonds and notes for housing purposes pursuant to this chapter to establish in respect of such bonds and notes such reserve funds or replacement funds as may be required in the sound discretio…

The corporation shall, promptly following the close of each fiscal year, submit an annual report of its activities for the preceding year to the Governor and the General Assembly. Each such report shall set forth a complete operating and financial statement of the corporation dur…

No member or other officer of the corporation shall be subject to any personal liability or accountability by reason of his execution of any obligations or the issuance thereof.

The corporation is authorized to accept and expend such moneys as may be appropriated from time to time by the General Assembly or such moneys as may be received from any source including income from the corporation's operations, for effectuating its corporate purposes including,…

The Kentucky Housing Corporation has been duly created as a de jure municipal corporation and political subdivision of the Commonwealth of Kentucky. Accordingly, the Kentucky Housing Corporation shall not be required to pay any taxes and assessments to the Commonwealth of Kentuck…

corporation. If any member, officer, or employee of the corporation shall be interested either directly or indirectly, or shall be an officer or employee of or have an ownership interest in any firm or corporation interested directly or indirectly in any contract with the corpora…

laws. The foregoing sections of this chapter shall be deemed to provide an additional and alternative method for the doing of the things authorized thereby and shall be regarded as supplemental and additional to powers conferred by other laws, and shall not be regarded as in dero…

Upon termination or dissolution, all rights and properties of the corporation shall pass to and be vested in the Commonwealth of Kentucky, subject to the rights of lienholders and other creditors, unless the board of directors directs at such times that they be distributed among …

This chapter shall be known and may be cited as the "Mae Street Kidd Kentucky Housing Corporation Act."

regulations. (1) The corporation may make loans to mortgage lenders for the purpose of furnishing funds to such mortgage lenders to be used for making residential mortgage loans. (2) The corporation shall from time to time adopt, modify, amend or repeal rules and regulations gove…

wells and private water supplies. The Kentucky Housing Corporation may develop a financial assistance program for replacement or rehabilitation of unsafe wells and other private water supplies serving low and moderate-income families and individuals.

agreements -- Funding -- Referrals to specific lenders and brokers prohibited. (1) There may be established, as part of the borrower education initiatives established by or through the Kentucky Housing Corporation, a Kentucky Homeownership Protection Center. (2) The purpose of th…

As used in KRS 198A.700 to 198A.730, unless the context otherwise requires: (1) "Homeless individual" means a person who: (a) Lacks a fixed, regular, or adequate nighttime residence; (b) Is at risk of becoming homeless in a rural or urban area because the residence is not safe, d…

The General Assembly hereby finds and declares that current economic conditions, federal housing policies, and declining resources at the federal, state, and local levels adversely affect the ability of very low-income persons to obtain safe, decent, and affordable housing; that …

There is hereby established in the State Treasury a separate, revolving, nonlapsing fund known as the affordable housing trust fund.

- Organizations eligible for funding -- Annual report. (1) The administering agency for the trust fund shall be the Kentucky Housing Corporation, which shall use moneys from the trust fund to make, or participate in the making, of loans or grants for the eligible activities descr…

Targeting of funds -- Services to be provided. (1) The corporation shall issue a public notice to eligible recipients of the availability of trust funds at least twice each calendar year and provide for reasonable opportunity for the filing of applications. (2) The corporation sh…

(1) The corporation shall create an advisory committee for the trust fund consisting of eleven (11) members appointed by the chairman of the board of directors of the corporation. (a) Three (3) members shall be appointed from representatives of each of the following categories of…

KRS 198A.700 to 198A.730 may be cited as the "Kentucky Affordable Housing Act."

As used in KRS 198A.740 to 198A.750: (1) "Moderate income" means the income of individuals or families that is below one hundred twenty percent (120%) of the area median income for the Commonwealth as determined by the United States Department of Housing and Urban Development; (2…

The General Assembly hereby finds and declares that: (1) Current economic conditions, federal housing policies, and declining resources at the federal, state, and local levels adversely affect the ability of individuals to obtain safe, decent, and affordable rural housing; (2) An…

(1) There is hereby established in the State Treasury a revolving account to be known as the rural housing trust fund. The fund shall consist of moneys received from state appropriations, gifts, grants, federal funds, and all repayment, interest, or other return on the investment…

prohibited -- Annual report. (1) (a) The corporation shall use moneys from the rural housing trust fund created in KRS 198A.744 to make, or participate in the making of, loans or grants for the eligible activities described in this section. (b) Any loan or grant shall be made upo…

Services to be provided. The corporation shall: (1) Issue a public notice to eligible recipients regarding the availability of trust fund moneys at least twice each calendar year; (2) Provide a reasonable opportunity for the filing of applications; (3) After consultation with the…

(1) There is hereby created the Rural Housing Trust Fund Advisory Committee, which shall be composed of the following eleven (11) members: (a) The Commissioner of Agriculture or the Commissioner's duly appointed designee; (b) Two (2) members of the Senate appointed by the Preside…