State Codes and Statutes

234.622

234.622 Definitions. In ss. 234.621 to 234.626:

234.622(1)

(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:

234.622(1)(a)

(a) Is the participant's spouse and a physician certifies that the participant or the co-owner is permanently disabled.

234.622(1)(b)

(b) Is at least 60 years of age.

234.622(2m)

(2m) "Executive director" means the executive director of the authority.

234.622(3)

(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.

234.622(3m)

(3m) "Ownership interest" includes being a spouse of a participant.

234.622(4)

(4) "Participant" means a natural person 65 years of age or older who has been accepted into the program.

234.622(5)

(5) "Permitted obligations" means the total amount of outstanding liens and judgments on the qualifying dwelling unit if that amount does not exceed 33% 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.

234.622(6)

(6) "Program" means the program under ss. 234.621 to 234.626.

234.622(7)

(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.

234.622 - ANNOT.

History: 1981 c. 20, 317; 1985 a. 29 s. 3202 (14) (c); 1987 a. 29; 1991 a. 269 ss. 510t to 510ue; Stats. 1991 s. 16.994; 1993 a. 16 ss. 130e, 3051k; Stats. 1993 s. 234.622; 1997 a. 27; 1999 a. 150 s. 672; 2005 a. 441; 2007 a. 11.