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Bill > HB0930
TN HB0930
TN HB0930AN ACT to amend Tennessee Code Annotated, Title 13, Chapter 23, relative to the homebuyers revolving loan program.
summary
Introduced
02/04/2025
02/04/2025
In Committee
04/17/2025
04/17/2025
Crossed Over
Passed
05/15/2025
05/15/2025
Dead
Signed/Enacted/Adopted
05/15/2025
05/15/2025
Introduced Session
114th General Assembly
Bill Summary
As enacted, authorizes any county having made loans in excess of the amount of funds in the initial capitalization of the loan fund pool for the county to terminate its participation in the homebuyers' revolving loan fund pool with notice to the Tennessee housing development agency and to retain all funds, including any funds used for initial capitalization or interest earnings on repayments. - Amends TCA Title 13, Chapter 23.
AI Summary
This bill amends Tennessee's homebuyers revolving loan program by allowing counties that have issued loans exceeding their initial loan fund pool capitalization to voluntarily exit the program. Specifically, the bill permits such counties to provide notice to the Tennessee Housing Development Agency (THDA) and retain all funds, including the original capitalization funds and any interest earned from loan repayments. This change provides more flexibility for counties in managing their local housing loan programs, potentially allowing them to redirect funds or manage their resources more independently if they determine that continuing participation in the statewide loan pool is no longer advantageous. The bill will take effect on July 1, 2025, giving counties and the THDA time to prepare for potential changes in program participation.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (1)
Last Action
Comp. became Pub. Ch. 442 (on 05/15/2025)
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=HB0930&ga=114 |
| BillText | https://publications.tnsosfiles.com/acts/114/pub/pc0442.pdf |
| Fiscal Note - HB0930 | https://www.capitol.tn.gov/Bills/114/Fiscal/HB0930.pdf |
| BillText | https://www.capitol.tn.gov/Bills/114/Bill/HB0930.pdf |
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