(a) Any loans or grants from the fund to applicants, including interest earned on investment or repayments of such loans, shall be used to benefit low income individuals or families residing within the participating unit or units of local government.

Terms Used In Tennessee Code 13-23-503

  • Housing trust fund: means a fund consisting of appropriations, reserves or dedications of any revenues except pension or retirement funds by a participating unit or units of local government, together with private and foundation sources of funds, all used for providing low income persons with safe and affordable housing. See Tennessee Code 13-23-502
  • Low income: means qualified persons or families who lack the amount of income which is necessary, as determined by the approved entity, to enable them without low interest financial assistance, to live in decent, safe and affordable dwellings without overcrowding. See Tennessee Code 13-23-502
  • Unit or units of local government: means any city or county, separately or together, that sets up a program to establish a housing trust fund. See Tennessee Code 13-23-502
(b) All funds received for the purposes herein provided and all such interest repayments shall be added to the fund and deposited in accredited financial institutions located within the participating unit or units of local government by the approved entity administering the fund.
(c) Such funds shall be deposited in a separate account earmarked to be used solely for programs established through and included in the housing trust fund pursuant to this part.
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