As used in ss. 420.630-420.635: (1) “Authority” or “housing authority” means any of the public corporations created under s. 421.04. (2) “Homestead agreement” means a written contract between a local government or its designee and a qualified buyer which contains the terms under which the qualified buyer may acquire a single-family housing property. (3) “Local government” means any county or incorporated municipality within this state. (4) “Designee” means a housing authority appointed by a local government, or a nonprofit community organization appointed by a local government, to administer the urban homesteading program for single-family housing under ss. 420.630-420.635. (5) “Nonprofit community organization” means an organization that is exempt from taxation under s. 501(c)(3) of the Internal Revenue Code. (6) “Office” means the Office of Urban Opportunity within the Department of Commerce. (7) “Qualified buyer” means a person who meets the criteria under s. 420.633. (8) “Qualified loan rate” means an interest rate that does not exceed the interest rate charged for home improvement loans by the Federal Housing Administration under Title I of the National Housing Act, ch. 847, 48 Stat. 1246, or 12 U.S.C. ss. 1702, 1703, 1705, and 1706b et seq.
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