Bill > HB0396

This bill modifies Tennessee's housing law by changing the duration of deed restrictions for multi-family housing facilities constructed under a voluntary attainable housing incentive program. Specifically, the bill removes the requirement that such housing remain affordable "in perpetuity" (meaning forever) and instead mandates that these housing units must remain deed-restricted for a minimum of 30 years. The change provides more flexibility for developers while still ensuring affordable housing remains available for a significant period. The bill will take effect immediately upon becoming law, as determined by the Tennessee General Assembly. This modification to Tennessee Code Annotated, Section 13-3-603(f), aims to potentially encourage more housing development by reducing the long-term commitment required of developers while still maintaining affordability protections for a substantial time frame.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0396&ga=114