The Florida Senate

420.102  Definitions.--As used in this part, the following words and terms have the following meanings unless the context indicates another or different meaning or intent:

(1)  "Board of directors" means the board of directors of the corporation created pursuant to this part.

(2)  "Consortium" means two or more mortgagees who jointly negotiate and agree to provide home equity conversion plans to elderly homeowners, on agreed-upon terms and conditions.

(3)  "Consumer housing cooperative" means a corporation incorporated pursuant to the provisions of the Florida General Corporation Law.

(4)  "Corporation," as used in this part, means the Florida Housing Development Corporation created pursuant to this part.

(5)  "Development costs" means the costs which have been approved by the agency as appropriate expenditures, including but not limited to:

(a)  Legal, organizational, marketing, and administrative expenses;

(b)  Payment of fees for preliminary feasibility studies and advances for planning, engineering, and architectural work;

(c)  Expenses for surveys as to need and market analyses;

(d)  Necessary application and other fees to federal and other government agencies; and

(e)  Such other expenses as the agency may deem appropriate to effectuate the purposes of this chapter.

(6)  "Financial institution" means any banking corporation or trust company, savings and loan association, insurance company, or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds.

(7)  "Home equity conversion mortgage" means a reverse mortgage loan made to an elderly homeowner which is secured by a lien on real property.

(8)  "Lending institution" means a mortgage lender, including any bank or trust company, savings bank, national banking association, state or federal savings and loan association, or building and loan association maintaining an office in this state or any insurance company authorized to transact business in this state or a corporation composed of such institutions.

(9)  "Limited dividend housing association" means a limited dividend housing association, including general or limited partnerships, joint ventures, or trusts organized or qualified pursuant to the laws of this state.

(10)  "Limited dividend housing corporation" means a limited dividend housing corporation incorporated or qualified pursuant to the provisions of the State Housing Law.

(11)  "Low-income or moderate-income persons" means families and persons who cannot afford, as defined by federal law, to pay the amounts at which private enterprise is providing a substantial supply of decent, safe, and sanitary housing and fall within income limitations set by the agency in its rules.

(12)  "Nonprofit housing corporation" means a nonprofit housing corporation incorporated pursuant to the provisions of Florida law relating to corporations not for profit.

(13)  "Project" means a specific work or improvement, including land, buildings, improvements, real and personal property, or any interest therein, acquired, owned, constructed, reconstructed, rehabilitated, or improved with the financial assistance of the agency, including the construction of low-income and moderate-income housing facilities and facilities incident or appurtenant thereto, such as streets, sewers, utilities, parks, site preparation, landscaping, and such other administrative, community, and recreational facilities as the agency determines to be necessary, convenient, or desirable appurtenances.

(14)  "Real property" means lands, structures, franchises, and interests in land, including lands under water and riparian rights, space and air rights, and any and all other interests and rights usually included within such term. Real property also means and includes any and all interests in such property less than full title, such as easements, incorporeal hereditaments, and every estate, interest, or right, legal or equitable, including terms for years and liens thereon by way of judgments, mortgages, or otherwise, and also all claims for damages for such real estate.

(15)  "Secured loan" means a loan secured by a mortgage or a security interest in a project.

(16)  "State" means the State of Florida.

(17)  "Stockholder" means any financial institution authorized to do business within this state which undertakes to lend money to the corporation created pursuant to this part, upon its call, and in accordance with the provisions of this chapter.

(18)  "Surplus," as used in this chapter, shall not be deemed to include any increase in net worth of any limited dividend housing corporation or limited dividend housing association organized in accordance with the provisions of law by amortization or similar payments, or by reason of the sale or disposition of any assets of a limited dividend housing corporation or limited dividend housing association, to the extent such surplus can be attributed to any increase in market value of any real property or tangible personal property accruing during the period the assets were owned and held by the limited dividend housing corporation or limited dividend housing association.

History.--s. 1, ch. 72-172; ss. 1, 4, ch. 76-249; s. 1, ch. 77-174; s. 1, ch. 84-251; s. 21, ch. 88-376.

Note.--Former s. 420.011.