Tennessee § 13-23-501 - Establishment — Purpose.
Full text of Tennessee Tennessee Code Annotated § 13-23-501 — Establishment — Purpose., with citation guidance and answers to common questions.
§ 13-23-501. Establishment — Purpose.
Any unit or units of local government, upon recommendation of the chief executive officer of the unit, may establish a housing trust fund, hereinafter referred to as the “fund”, for the purposes set out in this part, to be administered by an entity approved by the participating unit or units of local government, such as a community foundation, a housing partnership, or a housing development agency, hereinafter referred to as “the approved entity”, in accordance with this part. The cost of administering the fund shall be borne out of the fund itself, consistent with the initial plan approved by the participating unit or units of local government. The fund provided by this part shall be used to provide low income persons with safe and affordable housing. Proceeds from the fund shall be loaned, or grants made available, for programs to include, but not be limited to, the following: Funding nonprofit housing development corporations to develop affordable low income housing. Funds may be used to support projects where a nonprofit entity acts as a general partner for a limited partnership, as a sole developer, or as a joint venture investor. Projects may be affordable rental housing, property developed for resale to low income buyers, or rent to own programs; Funding ongoing existing housing programs which have been established to assist low income households; and Funding soft costs, such as housing counseling, predevelopment costs, and administrative costs of nonprofit entities related to low income housing development. Acts 1990, ch. 986, § 2.
Frequently Asked Questions About Tennessee § 13-23-501
What does Tennessee Code Annotated § 13-23-501 cover?
Section 13-23-501 ("Establishment — Purpose.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 13-23-501?
A common citation format is "Tennessee Code Annotated § 13-23-501" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 13-23-501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.