(a) Any loans to borrowers, including interest earned on investment of repayments of such loans, by any participating county, shall be used to benefit low and moderate income individuals or families residing within such county during its participation in the loan fund pool. All such interest repayments shall be added to the loan fund pool and deposited in the local financial depository designated by the administrating county or with THDA in cases where local counties opt for THDA administration of their respective loan fund pools.
Terms Used In Tennessee Code 13-23-309
Loan fund pool: means appropriations by the state and any appropriations, reserves or dedications of any funds by any county which desires to participate in the homebuyers' revolving loan fund pool. See Tennessee Code 13-23-302
Local portion: means funds appropriated, reserved or dedicated by any county to fund its respective local portion of the loan fund pool. See Tennessee Code 13-23-302
(b) Interest earned on investment of repayments of the local portion of the loan fund pool shall be allocated solely to the county from which such portion is derived, and such interest earnings shall be included in determining the respective amount of the local portion required under § 13-23-303(a)(2) in any year following the initial year of such county’s participation.
