Bill > HB0298

This bill, known as the "Homes not Hedge Funds Act," addresses concerns about business entities purchasing large numbers of single-family homes for rental purposes in Tennessee counties with populations over 150,000. The legislation makes it unlawful for a person or their affiliates to purchase more than 100 single-family homes in these qualifying counties primarily for rental purposes. The bill defines key terms such as "single-family home" (a detached or semi-detached residential structure that doesn't share utilities or have units above or below) and "person" (which includes various business entities but excludes governmental entities). The law provides two primary mechanisms for enforcement: the state attorney general can bring civil actions, and individual citizens who are aggrieved can also sue violators. Potential penalties include civil penalties of up to $100 per day for each home acquired in violation, with additional possible remedies such as equitable relief, compensatory damages, attorneys' fees, and punitive damages up to $50,000 or three times the compensatory damages. The bill's underlying rationale is to protect home ownership opportunities and wealth-building potential for individual citizens by limiting large-scale corporate home acquisitions for rental purposes. The legislation takes effect immediately upon becoming law and applies to home purchase contracts made on or after that date.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0298&ga=114