Rules & Regulations of the State of Tennessee
Title 0770 - Housing Development
Chapter 0770-03-01 - Moderate Rehabilitation Program
Section 0770-03-01-.08 - CONTRACT RENTS AT THE END OF REHABILITATION LOAN TERM
Universal Citation: TN Comp Rules and Regs 0770-03-01-.08
Current through December 26, 2024
(1) For a Contract where the Owner accomplished less than $15,000 of rehabilitation and the initial Contract Rent was based upon a loan term shorter than 15 years, the Contract must provide for reduction of the Contract Rent effective with the rent for the month following the end of the term of the rehabilitation loan. The amount of the reduction will be the monthly cost of amortization of the rehabilitation loan. This reduction should result in a new Contract Rent equal to the base rent established pursuant to 0770-3-1-.07 plus all subsequent adjustments.
Authority: T.C.A. § 13-23-115(18).
Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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