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 by providing loans for the construction or rehabilitation of "workforce housing," which is defined as housing affordable to households earning between 80% and 150% of the area median income. The program aims to foster "public-private partnerships," meaning collaborations involving local government entities and private businesses or non-profits, to create this housing, with a priority for projects that set aside at least 80% of units for workforce housing and are located in areas with significant disparities between median income and housing prices or high population growth. The bill also makes technical amendments to existing Tennessee Code Annotated sections to include "workforce housing projects" alongside "tax-credit housing projects" in various provisions related to housing development and financing, and it includes a provision for a one-time appropriation of $20 million to fund the pilot program.