Tennessee § 13-22-101 - Chapter definitions.

§ 13-22-101. Chapter definitions.

As used in this chapter, unless the context otherwise requires: “Agency” means the housing development agency, created pursuant to § 13-23-104; “Cost of rehabilitation” means the sum total of the costs incurred by an owner and approved by the agency as reasonable and necessary for carrying out the rehabilitation of housing accommodation or accommodations. These costs may include property acquisition, interim financing, refinancing, plans and specifications, architectural, legal and engineering services, labor, materials, supplies and all other services; “Financial institution” or “mortgage lender” means any commercial bank, trust company, national banking association, savings and loan association, federal savings and loan association, credit union, federal credit union, insurance company, pension fund or retirement system, or any other individual, partnership, trust association or agency which is authorized to transact business in this state and which is approved by the agency as eligible for insurance hereunder; “financial institution” or “mortgage lender” includes the housing development agency; “Housing accommodation” means any building or structure, or portion thereof, and facilities incidental thereto, which is occupied or used, or is intended to be occupied or used, as the residence or home of one (1) or more persons or families; “Mortgage” or “insurable mortgage” means a mortgage loan and deed of trust, or other instrument, which constitutes a first lien on improvements and real property in this state held in fee simple or on a leasehold under a lease having a remaining term, at the time a mortgage is insured under this chapter, of at least twenty percent (20%) greater duration than the remaining term of the loan obligation secured by such mortgage deed of trust; “Mortgage insurance fund” means the mortgage insurance fund established pursuant to § 13-22-105; “Mortgage insurance fund requirement” means as of any particular date of computation, an amount of money equal to the aggregate of: The insured amounts of mortgages in default as determined by the agency pursuant to its contracts to insure the mortgages; An amount equal to five percent (5%) of the sum of the insured amounts under the agency's remaining insurance contracts in force; and An amount equal to five percent (5%) of the sum of amounts to be insured under the agency's commitments to insure; “Mortgagee” means the original mortgage lender under an insurable mortgage, and its successors and assigns, as approved by the agency; “Mortgagor” means the original borrower under an insurable mortgage, and such original borrower's successors and assigns, as approved by the agency; “Owner” means any person, firm, partnership or agency, either public or private, having the legal or beneficial ownership of a housing accommodation or of a building, structure, or property containing one (1) or more housing accommodations; “Rehabilitation” means the alteration, improvement or repair of one (1) or more housing accommodations and facilities incidental thereto, intended to raise the housing accommodations to the design and condition required for use; “Rehabilitation loan” means a loan made by a financial institution for the purpose of undertaking rehabilitation of a housing accommodation and which otherwise complies with the conditions established pursuant to this chapter; and “State” means the state of Tennessee. Acts 1973, ch. 313, § 1; 1974, ch. 579, § 1; 1975, ch. 339, § 1; 1977, ch. 360, § 1; T.C.A., § 13-2201; Acts 1988, ch. 901, §§ 3, 4. Compiler's Notes. Acts 1988, ch. 901, § 2 provided that it was the legislative intent of that act to transfer, in full, the obligations, rights, duties, and funds of the Tennessee housing rehabilitation corporation to the Tennessee housing development agency. Acts 1988, ch. 901, § 6 provided that, notwithstanding the provisions of § 4-29-112 , or any other law to the contrary, the former Tennessee housing rehabilitation corporation, created by § 13-22-103 , shall terminate and cease all activities by August 31, 1988.