Section 0770-04-01-.01 - DEFINITIONS(1) ''Substantial Rehabilation'' means that improvements shall be made to residential real property exceeding thirty-five percent (35%) of the proposed market value of the structure after rehabilitation.(2) ''Low income and moderate income persons'' means qualified persons or families who lack the amount of income which is necessary, as determined by THDA to enable them, without low interest financial assistance, to live in decent, safe and sanitary dwellings without overcrowding.(3) ''Loan fund pool'' means appropriations by the state and any appropriations, reserves or dedications of any funds by any county which desires to participate in the Homebuyers Revolving Loan Pool.(4) ''State portion'' means funds appropriated by the state to fund the state portion of the loan fund pool.(5) ''Local portion'' means funds appropriated, reserved or dedicated by any county to fund its respective local portion of the loan fund pool.(6) ''Qualifying matching share'' means funds from any source, other than funds appropriated, reserved or dedicated by the state or any county to specifically fund the state or any local portion, which are used to fund the amount of loan not funded by the loan fund pool.(7) ''Act'' means the legislation creating the Homebuyers Revolving Loan Fund Pool pursuant to Public Chapter 510, Acts of 1986.(8) ''Agency'' means the Tennessee Housing Development Agency.(9) ''Agency Board'' means the members of the Board of Directors in whom the powers of the Agency are vested.(10) ''Housing Unit'' means residential housing intended for occupancy by a single household and which will be owned by the occupant thereof.(11) ''Household'' means one or more individuals regardless of blood or legal ties who live as, and are considered, a family unit.(12) ''Gross Annual Income'' means the total income, before taxes and other deductions, received during the twelve months immediately preceeding the month in which the application is taken. This includes all wages, social security payments, retirement benefits, military and veteran's disability payments, unemployment benefits, welfare benefits, interest derived from any sources. It does not include educational benefits received from the Veteran's Administration or child support payments, unless the child support payments can be verified.(13) ''Dependent'' means that person or those persons who are eligible to be claimed as an exemption or exemptions on the applicant's federal income tax return as determined under the federal income tax regulations, if such return were to be filed on the date of the mortgage application.(14) ''Persons and Families of low and moderate income'' means for purposes of the Homebuyers Revolving Loan Fund pool households whose gross annual household income does not exceed the maximum income hereinafter set forth.(15) ''Adjusted Income'' means the adjusted gross annual income as defined by Federal Income Tax Regulations and shown on the appropriate line of the Federal Income Tax Return.Tenn. Comp. R. & Regs. 0770-04-01-.01
Original rule filed June 25, 1986; effective July 25, 1986.Authority: Public Acts of 1986, Chapter 510.