(a) Any county having a metropolitan form of government may establish a housing trust fund for the purposes set out in this chapter, to be administered by the housing development agency of such county (herein referred to as “agency”) in accordance with this chapter. The cost of administering this fund shall be borne by the agency out of its administrative budget.
Terms Used In Tennessee Code 7-8-101
Housing trust fund: means appropriations, reserves or dedications of any funds by the county. See Tennessee Code 7-8-102
Low income persons: means qualified persons or families who lack the amount of income that is necessary, as determined by the agency, to enable them, without low interest financial assistance, to live in decent, safe and affordable dwellings without overcrowding. See Tennessee Code 7-8-102
Substantial rehabilitation: means improvements made to residential real property that exceed thirty-five percent (35%) of the proposed market value of the structure after rehabilitation. See Tennessee Code 7-8-102
(b) The funds provided for by this chapter shall be used to provide low income persons with safe and affordable housing. Funds shall be loaned, or grants made available, from the housing trust fund for programs to include, but not be limited to, the following: bi-weekly mortgages; rehabilitation loans for substantial rehabilitation of existing residential real property; weatherization for existing single family residences, which shall be mandatory after the qualified individual has received assistance three (3) times from a low income energy program in the county; land acquisition in redevelopment areas; interest buy-down to enable a qualified individual to purchase a residence; and homeless shelters.
