Revenue Class: Intergovernmental Revenue
Account No.: 33110
Description: Authorized by the Housing and Community Development Act of 1974 (42 USC 5301) replacing several community development categorical grant programs, Community Development Block Grants (CDBG) provide eligible metropolitan cities and urban counties (called “entitlement communities”) with annual direct grants that they can use to “revitalize neighborhoods, expand affordable housing and economic opportunities, and/or improve community facilities and services, principally to benefit low- and moderate-income persons.”
Authorization: T.C.A. § 6-54-124 and 42 USC 5301 et seq.
Requirements or Restrictions: T.C.A. § 6-54-124 requires municipalities that receive community development block grants and municipalities or industrial development corporations that are a party to an in-lieu-of property tax agreement to make a report addressing the expenditures of such funds. In addition, the municipality must place a copy of such report in the main branch of the municipality’s public library or place the report on the Internet.
Current Rate: N/A
Frequency of Payment: N/A
Late Pay Penalty: N/A
Use Restrictions: N/A