Amends TCA Title 5; Title 6; Title 7; Title 13 and Title 67, Chapter 5.

This bill authorizes a municipal or county government to create a program to provide grants to eligible nonprofit organizations that own residential property and rent the property for at least 25 percent below a market rate determined by the United States department of housing and urban development.<br /> <br /> In creating such a program, this bill requires the applicable municipal or county government to do the following:<br /> <br /> (1) Set a maximum amount of grant money available to each nonprofit organization that does not exceed the amount of property tax due on the residential property; and<br /> <br /> (2) Obtain the comptroller of the treasury's approval for the program prior to implementation.<br /> <br /> This bill requires the comptroller of the treasury to evaluate a program to ensure that the program:<br /> <br /> (1) Complies with the Tennessee constitution;<br /> <br /> (2) Has eligibility criteria that is reasonable and equitable; and<br /> <br /> (3) Has clawback provisions that reserve the right of the applicable municipal or county government to recover the amount of grant funds disbursed, in whole or in part, if the recipient fails to meet program eligibility requirements.<br /> <br /> This bill requires a nonprofit organization to annually recertify the organization's eligibility for the program with the applicable municipal or county government.<br />