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TN SB0244
TN SB0244AN ACT to amend Tennessee Code Annotated, Title 13, Chapter 3, relative to housing.
summary
Introduced
01/22/2025
01/22/2025
In Committee
Crossed Over
02/24/2025
02/24/2025
Passed
Dead
Introduced Session
114th General Assembly
Bill Summary
As introduced, requires multi-family facilities, buildings, and structures constructed under a voluntary attainable housing incentive program to be deed-restricted to ensure that the attainable housing continues for at least 30 years, instead of in perpetuity. - Amends TCA Title 13, Chapter 3.
AI Summary
This bill amends Tennessee state law regarding housing incentive programs by modifying the duration of deed restrictions for multi-family housing facilities. Specifically, the legislation changes existing language that previously required attainable housing to be deed-restricted "in perpetuity" (meaning forever) to now require deed restrictions for "at least thirty (30) years" instead. This change provides more flexibility for developers participating in voluntary attainable housing incentive programs by allowing them to have a time-limited commitment rather than a permanent one. The bill will take effect immediately upon becoming law, as stated in Section 2, which emphasizes that the public welfare requires its implementation. By reducing the deed restriction period from permanent to 30 years, the bill may potentially encourage more developers to participate in affordable housing programs by offering a less restrictive long-term commitment.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
Rcvd. from S., held on H. desk. (on 02/27/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0244&ga=114 |
| Fiscal Note - SB0244 | https://www.capitol.tn.gov/Bills/114/Fiscal/SB0244.pdf |
| BillText | https://www.capitol.tn.gov/Bills/114/Bill/SB0244.pdf |
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