Title 36, Chapter 41, Section 3
As used in this chapter, the term:
(1) "Authority" means any public corporation created by this
(2) "Bonds" means any bonds, including refunding bonds, or any
notes or other obligations authorized to be issued by an authority
pursuant to this chapter.
(3) "Eligible household" means any household which does not have sufficient income to afford to pay the amounts at which private enterprise, without federally aided, state aided, or authority aided mortgages, is providing a substantial supply of decent, safe, and sanitary housing and which satisfies the income limitations set by each authority in administrative guidelines and procedures established pursuant to subsection (c) of Code Section 36-41-5.
(4) "Federally aided mortgage" means any mortgage insured or
guaranteed by an agency of the United States government or any
mortgage receiving special benefits, directly or indirectly, under
any federal laws designated specifically to encourage the purchase
(5) "Governing body" means the elected or duly appointed officials
constituting the governing body of a large municipality.
(6) "Household" shall have that meaning specified by the United
States Bureau of the Census in its 1980 census.
(7) "Income" shall have that meaning specified by the United
States Bureau of the Census in its 1980 census.
(8) "Lending institution" means any bank or trust company, savings
and loan association, building and loan association, savings bank,
insurance company, mortgage banker, mortgage broker, or other
financial institution, any governmental agency, or any holding
company for any of the foregoing. Such lending institution shall
have a place of business in this state and shall be authorized to
do business in this state.
(9) "Median household income" shall have that meaning used in the
United States decennial census for the Metropolitan Statistical
Area of the particular municipality activating the particular
authority as adjusted from time to time by the United States
Department of Housing and Urban Development.
(10) "Mortgage" means a deed to secure debt, together with the
promissory note, the repayment of which is secured by such deed to
secure debt, which is held by either the authority or a lending
institution, which deed to secure debt encumbers either a fee
simple or leasehold estate located within the geographic
boundaries of a large municipality activating the authority and
improved by residential housing.
(11) "Municipality" means any municipal corporation of this state
having a population of 350,000 or more according to the United
States decennial census of 1980 or any future such census.
(12) "Nonprofit housing corporation" means a nonprofit or
charitable private corporation providing safe and sanitary
dwelling accommodations to persons of low income in such manner as
to be essentially similar in operation and function to any
authority or housing authority essential under this chapter.
(13) "Qualified housing sponsor" means an entity, whether
organized for profit or not, meeting criteria established by the
authority, which has undertaken to provide housing which will be
available for sale or rent to eligible persons and families upon
such terms and in conformity with administrative guidelines
established by the authority. With respect to residential housing
to be occupied substantially by students, the term "qualified
housing sponsor" shall mean a nonprofit educational institution
which is not owned or controlled by the state or any political
subdivision, agency, instrumentality, district, or municipality
thereof, which provides a program of education beyond the high
school level, and which:
(A) Admits as regular students only individuals having a
certificate of graduation from a high school, or the recognized
equivalent of such a certificate;
(B) Provides an educational program for which it awards a
bachelor's degree or provides an educational program, admission
into which is conditioned upon the prior attainment of a
bachelor's degree or its equivalent, for which it awards a
postgraduate degree, or provides not less than a two-year
program which is acceptable for full credit toward such a
(C) Is accredited by a nationally recognized accrediting agency
or association or, if not so accredited, is an institution whose
credits are accepted, on transfer, by the university system and
its educational units for credit on the same basis as if
transferred from an institution so accredited;
provided, however, that a nonprofit educational institution which
is otherwise a qualified housing sponsor as defined in this
paragraph shall be deemed to be a qualified housing sponsor
notwithstanding such institution's maintenance of a special early
admission policy for gifted high school students.
(14) "Real property" means all lands, franchises, and interests in
land, including lands under water and riparian rights, space
rights, and air rights, and any and all other things usually
included within such term. The term "real property" shall include
any and all interests in such property less than full title, such
as easements, incorporeal hereditaments, and every estate or
interest or right, legal or equitable, including terms for years.
(15) "Rehabilitation costs" means the total of all costs incurred
by eligible households in the rehabilitation of residential
housing which are approved by an authority as reasonable and
necessary, which costs shall include, but shall not necessarily be
limited to, the following: the cost of site preparation and
development; fees for architectural, engineering, legal,
accounting, and other services paid or payable in connection with
the planning, reconstruction, and financing of residential
housing; the cost of necessary surveys, plans, and permits; the
cost of insurance, interest, financing, taxes, assessments, and
other operating and carrying costs during rehabilitation; the cost
of rehabilitation, reconstruction, fixturing, furnishing, and
equipping residential housing; the cost of land improvements,
including, but not limited to, landscaping and off-site
improvements, whether or not any such cost has been paid in cash
or in a form other than cash; and the cost of such other items as
the authority shall determine to be reasonable and necessary for
the rehabilitation of residential housing.
(16) "Residential housing" means any real property and improvement
thereon, whether multifamily residential housing or single-family
residential housing, within the geographic boundaries of a large
municipality activating the authority, which is owned, in whole or
in part, by an eligible household or which is providing or shall
provide, in whole or in part, dwelling accommodations for eligible
households; provided, however, that with respect to multifamily
residential housing, such multifamily residential housing shall be
deemed to be occupied by eligible households if at least 20
percent of the dwelling units of such multifamily residential
housing are occupied by eligible households. The term
"residential housing" shall include dormitories, apartment
dwellings, or other housing facilities which shall be occupied
primarily by students.
(17) "Security interest" means an interest in personal property
installed or to be installed in residential housing, which
interest secures, in whole or in part, the repayment of a
promissory note, the holder of which interest and note is either
an authority or a lending institution. The term "security
interest" includes all documentation executed in connection with
the creation of such interest and specifically includes both the
aforesaid promissory note and a security agreement.
(18) "State" means the State of Georgia.
(19) "State aided mortgage" means a mortgage loan for housing for
eligible households assisted under this chapter.
(20) "Student" means any individual who possesses a certificate of
admission or enrollment at an institution for higher education
that is a qualified housing sponsor.