Amends TCA Title 13, Chapter 3.
Tennessee SB0244 amends Title 13, Chapter 3 of the Tennessee Code Annotated by requiring that multi-family facilities, buildings, and structures constructed under a voluntary attainable housing incentive program be deed-restricted to maintain their status as attainable housing for a minimum of 30 years, rather than in perpetuity. This change affects developers and owners of multi-family housing projects that participate in the incentive program. The key provision shifts the duration of the deed restriction from an indefinite period to a fixed term of 30 years.
Tennessee SB0244 amends Title 13, Chapter 3 of the Tennessee Code Annotated by requiring that multi-family facilities, buildings, and structures constructed under a voluntary attainable housing incentive program be deed-restricted to maintain their status as attainable housing for a minimum of 30 years, rather than in perpetuity. This change affects developers and owners of multi-family housing projects that participate in the incentive program. The key provision shifts the duration of the deed restriction from an indefinite period to a fixed term of 30 years.
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