2010 Tennessee Code
Title 13 - Public Planning And Housing
Chapter 23 - Housing Development Agency
Part 3 - Homebuyers' Revolving Loan Fund Pool
13-23-304 - Qualifying matching share funding.
13-23-304. Qualifying matching share funding.
(a) Funding for any qualifying matching share shall derive from any source, public or private, other than appropriations, reserves or dedications utilized to fund the state and local portions of the loan fund pool.
(b) The interest rate charged to the borrower of such funds shall not exceed the prevailing market rate of interest for residential mortgages and shall not be less than a rate which will produce a blended mortgage interest rate of three percent (3%) applicable to the total loan amount.
[Acts 1985, ch. 473, § 4; 1986, ch. 510, § 4.]
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