Amends TCA Title 4, Chapter 3, Part 10; Title 39, Chapter 14; Title 47 and Title 66.

This bill requires the department of finance and administration, in conjunction with assistance from the department of revenue and the Tennessee housing development agency, to promulgate rules to establish a grant program to render assistance to first-time home buyers, utilizing federal funds allocated and state funds appropriated for such purposes. The rules must include, but not be limited to, the following: <br /> <br /> (1) The provision of a minimum $15,000 grant to first-time home buyers; and<br /> <br /> (2) A requirement that (i) the home to be purchased with the grant money is the prospective home buyer's primary residence; (ii) the prospective buyer has never owned a home prior to applying for the grant; and (iii) a prospective buyer who is single cannot earn more than $100,000 per year, a prospective buyer who files the buyer's federal income taxes as head of household cannot earn more than $150,000 per year, or prospective home buyers filing their federal income taxes jointly cannot earn more than a combined $200,000 per year to be eligible for the grant.<br /> <br /> This bill requires a home buyer who receives the grant to reside in the home purchased for a minimum of five years from the date of closing the sale on the property. If the home buyer fails to satisfy the residency requirement by either moving or selling the home prior to the end of the five-year period, then the buyer is automatically obligated to repay all or part of the grant money, with the amount owed to be decreased by the length of time the buyer resided in the home, at a rate to be set by the department.<br />