Bill > HB2509

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 aims to facilitate 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 THDA is authorized to provide loans to public-private partnerships, which involve at least one local government entity and one private entity, for these housing projects. Priority will be given to projects that set aside at least 80% of units for workforce housing and 50% for essential services personnel, demonstrate innovative approaches, leverage local incentives and financial strategies, and secure at least 10% of total development costs from other sources. The bill also mandates that at least one project be funded in each of Tennessee's three grand divisions (West, Middle, and East Tennessee) and requires the THDA to report on the program's success by January 1, 2029.