Tennessee Statutes
§ 13-23-503 — Use of loans or grants - Disposition of funds
Tennessee·Title 13
(a)Any loans or grants from the fund to applicants, including interest earned on investment or repayments of such loans, shall be used to benefit low income individuals or families residing within the participating unit or units of local government.
(b)All funds received for the purposes herein provided and all such interest repayments shall be added to the fund and deposited in accredited financial institutions located within the participating unit or units of local government by the approved entity administering the fund.
(c)Such funds shall be deposited in a separate account earmarked to be used solely for programs established through and included in the housing trust fund pursuant to this part.
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Legislative History
Acts 1990, ch. 986, § 4.
Nearby Sections
15
§ 13-10-101
Chapter definitions§ 13-10-102
Functions of commissioner§ 13-10-104
Authority of commissioner to inspect property and records and conduct investigations and hearings§ 13-10-107
State financial assistance - Contingencies§ 13-10-109
Financial assistance - Approved sources§ 13-10-201
Responsibility for implementation§ 13-10-202
Financial and legal independence§ 13-10-203
Enforcement authority§ 13-10-204
Confidentiality of information§ 13-10-205
Audits and reporting§ 13-10-206
Authority to adopt policies and regulations§ 13-11-101
Short title§ 13-11-102
Purpose§ 13-11-103
Chapter definitions