Bill > SB0948

This bill amends Tennessee tax law to create a property tax exemption for certain affordable housing projects that specifically support homeless veterans. The legislation allows county or municipal legislative bodies to adopt a resolution enabling a tax exemption for properties owned by a joint venture (including limited partnerships) where at least 30% of the units are dedicated to providing permanent housing for homeless veterans. To qualify, the entire property must lease units at rates affordable to low-income households (defined as 80% or less of the area's median income), and the joint venture must include a qualified nonprofit partner with a mission focused on addressing veteran homelessness. The nonprofit partner must meet specific charitable organization requirements, such as having directors who serve without compensation and ensuring that no income benefits individual members. Additionally, if the project has more than 12 units, the owners must agree to make payments in lieu of taxes to local jurisdictions, typically at least 25% of what would normally be owed. A "veteran experiencing homelessness" is specifically defined as a former armed forces member receiving a housing voucher or referred through a local housing placement organization. The bill will take effect on July 1, 2025.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0948&ga=114