(a) Any participating unit of local government may create a special escrow account earmarked for the sole purpose of generating revenue to transfer to the housing trust fund.

Terms Used In Tennessee Code 13-23-505

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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
(b) Notwithstanding any other provision of law to the contrary, a participating unit of local government may specifically authorize that any revenue source, except pension or retirement funds over which the unit of local government has authority to levy and collect, may be used to provide endowment and contributions to the housing trust fund, either directly or through deposit in the special escrow account, and then by transfer to the housing trust fund.
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