§ 7-8-105. Escrow Account — Loan Fund Endowment — Contributions
Any county having a metropolitan form of government may create a special escrow account earmarked for the sole purpose of generating revenue to provide low income persons, as defined in § 7-8-102, with safe and affordable housing. Notwithstanding any other law to the contrary, the escrow account shall consist of amounts deposited voluntarily, including, but […]
§ 7-8-106. Use of Homebuyers’ Revolving Loan Fund Pool Funds
The county may utilize any funds authorized by title 13, chapter 23, part 3, as provided by § 13-23-303(b) for any and all authorized purposes in the housing trust fund.
§ 7-8-101. Authorized
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 […]
§ 7-8-102. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Housing trust fund” means appropriations, reserves or dedications of any funds by the county; “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 […]
§ 7-8-103. Disposition of Funds
Any loans or grants to applicants by the county, including interest earned on investment of repayments of the loans, shall be used to benefit low income individuals or families residing within the county. All funds received for the purposes provided for in this chapter and all such interest repayments shall be added to the housing […]
§ 7-8-104. Design of Program — Rules and Regulations
The agency shall design and tailor the program according to its needs and requirements and shall promulgate necessary rules and regulations to implement the effect and intent of this chapter.