Bill > SB2410

This bill establishes the "community workforce housing innovation pilot program," administered by the Tennessee Housing Development Agency (THDA), to address housing affordability for essential services personnel and families earning between 80% and 150% of the area median income, a term referring to the midpoint of income distribution in a specific geographic area. The program will provide loans for the construction or rehabilitation of "workforce housing," defined as housing affordable to individuals or families with incomes up to 150% of the area median income, with a priority for projects that dedicate at least 80% of units to this purpose. The bill also defines "public-private partnership" as a collaboration involving at least one government entity and one private business or non-profit, and it aims to leverage state and local funds alongside private resources to create these housing opportunities across Tennessee's three grand divisions, with a proposed appropriation of $20 million for fiscal year 2026-2027. Additionally, the bill amends existing laws to include "workforce housing projects" alongside "tax-credit housing projects" in certain contexts, particularly concerning the powers of corporations involved in housing development.