Tenn. Comp. R. & Regs. 0770-06-01-.03 - DEFINITIONS

Current through March 20, 2022

(1) ''Agency Board'' shall mean the board of directors of Tennessee Housing Development Agency (THDA).

(2) ''Bond Finance Committee'' shall mean the Bond Finance Committee of the Board of Directors of the Tennessee Housing Development Agency.

(3) ''Consortium of eligible political subdivisions'' shall mean a group of otherwise eligible political subdivisions that: are physically adjacent, designate a lead administering agency, contribute a local match, and benefit from the program.

(4) ''Eligible political subdivision'' means a county, metropolitan government, municipality receiving community development block grant funds directly from the United States Department of Housing and Urban Development, a municipality in a county not otherwise applying, or a consortium of such political subdivisions.

(5) Reserved.

(6) ''Low income household'' means an individual or family unit whose income does not exceed 80. of the area or state median income, whichever is greater, adjusted for family size.

(7) ''Matching funds'' means funds provided or allocated by the local government to supplement the state program. Funds may include those contributed to the local government by a third party which are under the control of the local government. Funds may also include the appraised value of any property donated by the city or by another party and can include documented expenditures incurred by the grantee in site preparation or installation of utilities to the site. The Agency shall have the responsibility for determining the eligibility and value of any non-cash match. The value of any real property shall be determined pursuant to an appraisal by an independent appraiser who is on THDA's list of approved appraisers. Other appraisers may be approved upon submission of the appraiser's resume to THDA.

(8) ''Moderate income household'' means an individual or family unit whose income is greater than 80%, but less than the 115% income standard applicable to tax exempt bond financing, based on the area or state median income, whichever is greater.

(9) ''Rehabilitation'' means construction activities which are undertaken to bring housing units into compliance with local housing codes or the Standard Housing Code if no local codes have been adopted.

(10) ''Qualifying not-for-profit corporation'' means a not-for-profit organization that has qualified as such under the Internal Revenue Service Code Section 501(C)(3) and is chartered by the State of Tennessee, or a non-profit affiliate of such organization. Such qualifying organization must have experience in housing programs with experience in rental housing management or experience in providing very low, low and moderate income households with housing.

(11) ''Very low income household'' means an individual or family unit whose income does not exceed 50. of the area or state median income, whichever is greater, adjusted for family size.

Notes

Tenn. Comp. R. & Regs. 0770-06-01-.03

Original rule filed August 30, 1988; effective October 14, 1988.

Authority: T.C.A. § 13-23-115(18).