Bill
Bill > SB0857
TN SB0857
TN SB0857AN ACT to amend Tennessee Code Annotated, Title 13, Chapter 23, relative to the homebuyers revolving loan program.
summary
Introduced
02/05/2025
02/05/2025
In Committee
Crossed Over
03/27/2025
03/27/2025
Passed
04/25/2025
04/25/2025
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 modifies Tennessee's homebuyers revolving loan program by allowing counties that have made loans exceeding their initial loan fund pool capitalization to exit the program under specific conditions. Specifically, the bill permits participating counties to terminate their involvement in the homebuyers' revolving loan fund pool by providing notice to the Tennessee Housing Development Agency (THDA) and retaining all previously invested funds, including initial capitalization amounts and any interest earned from loan repayments. This provision gives counties more flexibility in managing their local housing loan programs by providing an option to withdraw from the state-level program if they have already substantially utilized or exceeded their initial funding allocation. The bill will take effect on July 1, 2025, and appears designed to provide counties with greater autonomy in managing their local housing finance resources.
Committee Categories
Justice
Sponsors (1)
Last Action
Effective date(s) 07/01/2025 (on 05/15/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0857&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/SB0857.pdf |
Loading...