SB 244 - HB 396
FISCAL NOTE
Fiscal Review Committee
Tennessee General Assembly
February 3, 2025
Fiscal Analyst: Justin Billingsley | Email: justin.billingsley@capitol.tn.gov | Phone: 615-741-2564
SB 244 - HB 396
SUMMARY OF BILL: Requires the duration for which a multi-family facility, building, or
structure under a voluntary attainable housing incentive program (VAHIP) must be deed-restricted
to be at least 30 years, instead of in perpetuity.
FISCAL IMPACT:
NOT SIGNIFICANT
Assumptions:
• Pursuant to Tenn. Code Ann. § 13-3-603(f), all multi-family facilities, buildings, and
structures under a VAHIP must be deed-restricted to ensure that the attainable housing
continues into perpetuity.
• This legislation will establish that the minimum duration of this deed requirement is 30
years.
• It is not expected that the proposed legislation will result in a significant impact on the
number of VAHIPs created in the state; any impact to local government revenue or
expenditures due to incentives provided to VAHIP property owners is estimated to be not
significant.
CERTIFICATION:
The information contained herein is true and correct to the best of my knowledge.
Bojan Savic, Executive Director