Bill > SB0961

This bill, known as the "Affordable Housing and Tenant Protection Act," introduces two major initiatives to address housing challenges in Tennessee. First, it allows local governments to adopt rent control measures by a two-thirds vote of their legislative body, enabling them to establish and adjust maximum rents for private residential properties. Local governments must first conduct a housing supply assessment and create a local rent agency to administer and enforce these regulations, with provisions for aggrieved parties to challenge determinations. Second, the bill establishes the Increased Housing Program, administered by the Tennessee Housing Development Agency (THDA), which creates a new revolving fund to provide financial assistance for housing development. The program will offer gap financing to developers building single-family and multi-family homes and provide down payment and closing cost grants to first-time homebuyers, with a preference for areas recently impacted by federal disasters. The THDA must submit an annual report detailing program outcomes, and up to 5% of the fund can be used for administrative costs. The bill aims to address housing shortages, prevent excessive rent increases, and support affordable housing development across urban and rural areas of Tennessee.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0961&ga=114