§ 7-60-103 — Chapter definitions

Tennessee § 7-60-103

• Jurisdiction: Tennessee
• Title: 7

Text

As used in this chapter, unless the context otherwise requires: (1) "Bonds" or "notes" means the bonds and notes respectively authorized to be issued by counties under this chapter; (2) "County" means any county or any metropolitan form of government in this state having a population of two hundred thousand (200,000) or more, according to the 1980 federal census or any subsequent federal census, that by resolution has made the findings and determinations required by § 7-60-202 , and that shall exercise all powers granted and make all findings and determinations required under this chapter by means of resolution; (3) "Federal law" means the Mortgage Subsidy Bond Tax Act of 1980 ( 26 U.S.C. § 103 ); (4) "Home" means residential housing, including real property and improvements on real property, consisting of one (1) or more dwelling units, including, but not limited to, condominium units, owned by one (1) person or family of lower or moderate income that occupies or intends to occupy one (1) of such units; provided, that the total number of units financed by a single home mortgage may not exceed two (2); (5) (A) "Home mortgage" means an interest-bearing loan to a person or family of lower or moderate income for the purpose of purchasing or improving a home, constituting a first lien on real property and evidenced by a promissory note and secured by a mortgage, deed of trust or other security instrument on such home, but does not include a loan primarily for the purpose of refinancing an existing loan; provided, that such mortgage, deed of trust or other security instrument shall be guaranteed or insured by the United States, or any agency, department or instrumentality of the United States, or by any private mortgage insurance or surety company approved by the county, to the extent that such loan exceeds eighty percent (80%) of the lesser of: (i) The appraised value of the home at the time of its making; or (ii) The sales price of such home; (B) "Home mortgage" shall not be construed to encompass any loan made under the "qualified home improvement loan" provisions of this chapter; (6) "Housing for lower and moderate income persons and families" means modest housing that is decent, safe, sanitary and adequate for the needs of the size of the family within sales price limits that do not exceed the sales price limits established and published by the Tennessee housing development agency for each county or metropolitan government having a population of two hundred thousand (200,000) or more by the 1980 federal census or any subsequent federal census; (7) "Lending institution" means any bank, trust company, savings bank, national banking association, federal national mortgage association approved mortgage banker, savings and loan association, building and loan association, credit union, mortgage banker or other financial institution or governmental agency that customarily provides service or otherwise aids in the financing of mortgages on residential housing in the state or any holding company for any of the lending institutions and that is located in the state; (8) "Persons and families of low and moderate income" means persons and families, regardless of race, creed, national origin, age or sex, deemed to require such assistance as is made available by this chapter with the income limits established for each county by the governing body of such county, except that the income limits cannot exceed the income limits set by the Tennessee housing development agency for its programs. In establishing these income limits, the governing body of the county acting under this chapter shall be required to take into consideration, without limitation, such factors that will ensure for the citizens of such county the opportunity to live in equal quality housing relative to their needs, including the following: (A) The amount of the total income of such persons and families available for housing needs; (B) The size of the family; (C) The cost and condition of housing facilities available, including consideration of the following: (i) The cost of a typical dwelling lot; (ii) The cost of materials; (iii) The cost of labor; (iv) The cost of real estate taxes; and (v) The cost of home owners' or renters' insurance; (D) The eligibility of such persons and families for federal housing assistance of any type predicated upon a lower income basis; and (E) The ability of such persons and families to compete successfully in the private housing market and to pay the amounts prevailing in such market for decent, safe and sanitary housing; (9) "Purposes of this chapter" means ameliorating the deterioration of counties by preserving and expanding employment opportunities in the construction and related industries and the tax base of counties by undertaking or assisting in the financing of home mortgages for persons and families of lower and moderate income; (10) "Qualified home improvement loan" means an interest-bearing loan to a person of lower or moderate income for the purpose of improving a home, constituting either a first or second lien on real property and evidenced by a promissory note. No such loan shall be made for the sole purpose of refinancing an existing loan. Such loans must be with respect to a single-family residence. Such loans may be made for home improvements, including, but not limited to, renovation of plumbing or electric systems, installations of improved heating or air conditioning systems, the addition of additional living space, and the renovation of the kitchen area. However, no such loan shall be applied to the addition of swimming pools, tennis courts, saunas, or other recreation or entertainment facilities. "Qualified home improvement loans," to the extent practicable as determined by the underwriters of any bond issue, shall only be made in counties or metropolitan governments having a population of two hundred thousand (200,000) or more, according to the 1980 federal census or any subsequent federal census; and (11) "State" means the state of Tennessee.

Legislative History

Acts 1979, ch. 439, § 1; T.C.A., § 6-4403; Acts 1980, ch. 878, § 1; 1981, ch. 410, § 1; 1981, ch. 504, §§ 5-9; 1984, ch. 799, § 3; 1984, ch. 800, §§ 1, 3.