(a) As used in this part:

Terms Used In Tennessee Code 7-51-1902

(1) “Blighted” has the meaning ascribed to that term in title 13, chapters 20 and 21; and
(2) “Local government” means a municipality, county or county having a metropolitan form of government.
(b) Local governments are authorized to develop grant programs to be paid from the general fund of the local government to homeowners and developers who invest in blighted property for the purpose of stabilizing the value of the neighborhood and increasing the value of the facilities being constructed or rehabilitated which are located on blighted property.
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