Bill > SB2410

This bill establishes the Community Workforce Housing Innovation Pilot Program, administered by the Tennessee Housing Development Agency (THDA), to address the high cost of housing for essential services personnel, defined as individuals employed in occupations deemed critical by local governments. The program will offer loans for the construction or rehabilitation of "workforce housing," which is defined as housing affordable to households earning up to 150% of the area median income, adjusted for family size. The program prioritizes innovative projects, particularly those that set aside at least 80% of units for workforce housing and at least 50% for essential services personnel, and encourages public-private partnerships involving local governments and private entities. The THDA will establish a loan application process with selection criteria and will ensure at least one project is funded in each of Tennessee's three grand divisions (West, Middle, and East). The bill also outlines requirements for applicants, including demonstrating local government incentives, securing matching funds, and showcasing experience in affordable housing development, and mandates a report on the program's success by January 1, 2029.