Plain English Breakdown
The official source does not provide information on how existing deed-restricted properties are affected by the bill.
Housing Incentive Program Changes
This bill changes how long multi-family buildings built under an incentive program must remain affordable.
What This Bill Does
- Changes the rule for how long multi-family buildings in a special housing program must remain affordable.
- Limits the time that these buildings must be deed-restricted to ensure affordability from forever to at least 30 years.
Who It Names or Affects
- People who build or buy multi-family homes under a special incentive program in Tennessee.
- Housing developers and property owners involved with the voluntary attainable housing incentive program.
Terms To Know
- Deed-restricted
- A legal agreement that limits how a piece of land or building can be used, like keeping it affordable for a certain time.
- Multi-family facilities
- Buildings with multiple housing units, such as apartments or condos.
Limits and Unknowns
- The bill does not specify how the change will affect existing deed-restricted properties.
- It is unclear if this change will increase the availability of affordable housing in Tennessee.