(1) “Dwelling unit” means a structure or the part of a structure that is used as a home, residence, or sleeping place by one (1) person who maintains a household or by two (2) or more persons who maintain a common household;
(2) “Older residential neighborhood” means an area where a majority of the residential property was constructed fifty (50) years or more prior to April 22, 2004;
(3) “Owner” means one (1) or more persons, jointly or severally, in whom is vested:
(A) All or part of the legal title to property; or
(B) All or part of the beneficial ownership and a right to the present use and enjoyment of the premises;
(4) “Residential real property” means a building located in an older residential neighborhood consisting of one (1) dwelling unit in which the owner of the real property resides as the owner's principal place of residence;
(5) “Residential rental property” means a building or structure located in an older residential neighborhood containing one (1) or two (2) dwelling units that are rented; and
(6) “Substandard residential rental property” means residential rental property where the dwelling unit or improvements within the dwelling unit, which by reason of dilapidation, obsolescence, faulty arrangement or design, lack of ventilation, light and sanitary facilities, deleterious land use, or obsolete layout, or any combination of these or other factors, are detrimental to the safety, health, morals, or welfare of the community.
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