Tenn. Comp. R. & Regs. 0600-10-.02

Current through January 8, 2025

Section 0600-10-.02 - DEFINITIONS

As used in these rules, unless the context otherwise requires:

(1) "Low-income housing tax credit (LIHTC) property" means low-income housing property restricted under government regulations pursuant to § 42 of the Internal Revenue Code of 1986, codified in 26 U.S.C. § 42, the low-income housing tax credit program;

(2) "Rural rental housing property" means property financed or refinanced by a loan made, insured, or guaranteed by a branch, department, or agency of the United States government under § 515 of the Housing Act of 1949, codified in 42 U.S.C. § 1485, the rural rental housing program;

(3) "Section 1602 affordable housing" means low-income housing property restricted under government regulations pursuant to § 42 of the Internal Revenue Code of 1986, codified in 26 U.S.C. § 42, but for which credits have been surrendered in return for a loan, as authorized by § 1602 of the American Reinvestment and Recovery Act of 2009;

(4) "Subsidized affordable housing" means property participating in federal programs to incentivize private housing investment in return for rent concessions to needy tenants. These programs include, but are not limited to, those authorized under the § 515 Rural Rental Housing program, § 42 of the Internal Revenue Code of 1986, or § 1602 of the American Reinvestment and Recovery Act of 2009; and

(5) "Taxpayer" means any owner of property subject to taxation or any party liable for property taxes.

Tenn. Comp. R. & Regs. 0600-10-.02

Original rule filed April 21, 2016; effective 7/20/2016.

Authority: T.C.A. §§ 4-3-5103 and 67-1-305.