TN SB0961

Local governments may adopt rent control ordinances by two-thirds vote of their legislative body, including establishing maximum rents and rental application fees, after determining housing supply conditions and creating a local rent agency to administer the regulations

Creates the "Increased Housing Program" administered by the Tennessee Housing Development Agency (THDA) to provide gap financing for developers building single-family and multi-family homes, and down payment/closing cost grants for first-time homebuyers

Establishes the "Increased Housing Revolving Fund" in the state treasury, with THDA permitted to use up to 5% of funds for administrative costs and unexpended balances carrying forward without reverting to the general fund

Preference must be given to applicants developing or purchasing housing in communities under a federally declared disaster within the preceding 12 months

THDA must submit annual reports beginning January 1, 2026, detailing awards made to developers and first-time homebuyers and housing units built