In order to promote the production of more affordable new housing units for very low, low and moderate income individuals and families in the state, to promote the preservation and rehabilitation of existing housing units for such persons, and to bring greater stability to the residential construction industry and related industries so as to assure a steady flow of production of new housing units, the Tennessee housing development agency is given the power to raise funds from private investors through issuance of its bonds and notes and to use such funds, together with investment income, and moneys from other public and private sources to:
(1)Make funds available to sponsors, developers and builders for financing land development and residential housing construction for lower and moderate
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In order to promote the production of more affordable new housing units for very low, low and moderate income individuals and families in the state, to promote the preservation and rehabilitation of existing housing units for such persons, and to bring greater stability to the residential construction industry and related industries so as to assure a steady flow of production of new housing units, the Tennessee housing development agency is given the power to raise funds from private investors through issuance of its bonds and notes and to use such funds, together with investment income, and moneys from other public and private sources to: (1) Make funds available to sponsors, developers and builders for financing land development and residential housing construction for lower and moderate income persons and families; (2) Make funds available to sponsors, developers, builders and purchasers for permanent mortgage financing of housing for lower and moderate income persons and families; (3) Purchase existing insured mortgages from lenders within the state and direct an amount equal to the proceeds from the liquidated mortgage investments into new mortgages on residential real property; (4) Enter into advance commitments with lenders to purchase insured mortgage loans made to persons and families of lower and moderate income; and further, provide technical, consultative and project assistance services to sponsors of land development or residential housing; and assist in coordinating federal, state, regional and local public and private efforts and resources to otherwise increase the supply of such residential housing; (5) Make funds available for housing loans for veterans who qualify as persons and families of low and moderate income by including in each issue of bonds sold under this chapter a veterans' administration guaranteed loan program; and (6) Make grants to eligible political subdivisions, as defined by § 13-23-103 , and to such private nonprofit corporations that provide housing and related services in the state; however, such grants must be for purposes which are consistent with the purposes and mission of the agency, and must be allocated and administered in a fashion and manner as is directed by the agency through appropriate rules, regulations and proceedings.