(a) The exercise of the powers granted by this part will be in all respects for the benefit of the people of the state, for their well being and prosperity and for the improvement of their social and economic conditions, and the agency is not required to pay any tax or assessment on any property owned by the agency under this part or upon the income therefrom; nor is the agency required to pay any transfer tax of any kind on account of instruments recorded by it or on its behalf.

Terms Used In Tennessee Code 13-23-127

  • Agency: means the Tennessee housing development agency created by this part. See Tennessee Code 13-23-103
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Obligations: means any bonds or notes authorized to be issued by the agency under this part. See Tennessee Code 13-23-103
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: means the state of Tennessee. See Tennessee Code 13-23-103
(b) Any obligations issued by the agency under this part, their transfer, and the income therefrom, including any profit made on the sale thereof, shall at all times be free from taxation by the state or any local unit or political subdivision or other instrumentality of the state, excepting inheritance and gift taxes.
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