13-23-302 - Definitions. - Tennessee Statutes

13-23-302. Definitions.

As used in this part, unless the context otherwise requires:

     (1)  “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 fund pool;

     (2)  “Local portion” means funds appropriated, reserved or dedicated by any county to fund its respective local portion of the loan fund pool;

     (3)  “Low income and moderate 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;

     (4)  “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 any loan not funded by the loan fund pool;

     (5)  “State portion” means funds appropriated by the state to fund the state portion of the loan fund pool; and

     (6)  “Substantial rehabilitation” means that improvements are made to residential real property exceeding thirty-five percent (35%) of the proposed market value of the structure after rehabilitation.

[Acts 1985, ch. 473, § 2; 1986, ch. 510, § 2.]