HB 298, the "Homes not Hedge Funds Act," prohibits business entities from purchasing more than 100 single-family homes in Tennessee counties with populations exceeding 150,000 (based on 2020 census data) for rental purposes. It defines "single-family home" as detached, semi-detached, or townhomes with no shared utilities, and applies to corporations, LLCs, or investment groups (excluding government entities). The bill allows the state attorney general or affected individuals to sue violators for up to $100 per day per home, plus damages, attorney fees, or punitive penalties. It takes effect for new rental contracts signed after enactment, aiming to limit large-scale rental acquisitions in densely populated areas.
SB 488 removes the option for property owners to abandon properties when a municipality declares a structure unsafe for human occupation. It authorizes all Tennessee municipalities to create their own ordinances requiring inspections of deteriorated residential properties. The bill amends Tennessee Code Annotated sections related to building safety, eliminating the previous "abandonment" pathway and giving local governments clearer authority to enforce housing standards. This directly affects homeowners in Tennessee and strengthens municipal oversight of unsafe residential buildings.
SB 1079 requires developers (called "declarants") to hold the first 10% of a condo buyer's deposit in a state-licensed escrow account until construction is complete. Developers can access these funds only if they provide a surety bond or letter of credit guaranteeing full repayment to the buyer if construction delays prevent unit delivery. Deposits exceeding 10% may be used for actual construction costs (like materials and labor), but not for salaries, commissions, or advertising. The law applies to new condo contracts signed or amended on or after July 1, 2025.
SB 773 prevents development permits from expiring when lawsuits challenge them. It pauses the "vesting period" (the timeframe protecting approved projects) during ongoing court cases, ensuring developers retain their project rights. This directly affects property developers and construction companies with permits facing legal disputes. The law creates certainty for development timelines by halting the expiration clock while litigation proceeds.
HB 608 prohibits Tennessee state and local governments from requiring builders or developers to fund infrastructure that isn't essential to their specific project. It specifically prevents governments from mandating payment for non-adjacent infrastructure or infrastructure beyond what was initially estimated for the development. The bill applies only to residential projects under 300 homes or multi-family housing under 500 units, covering elements like roads, utilities, or internet cabling not directly needed for the property's creation, maintenance, or growth. It does not affect existing zoning, tax laws, or permits, and takes effect July 1, 2025, for new contracts.
HB 766 adds a 5% penalty to overdue property taxes in Tennessee. The penalty money will fund tax relief for elderly low-income homeowners, disabled homeowners, disabled veterans, and widows of disabled veterans. The penalty is calculated only on the base amount of overdue taxes (excluding interest or other penalties). This change takes effect July 1, 2025.
SB 1200 allocates 1% of revenue generated from sports gaming in Tennessee to the Department of Veterans Services starting July 1, 2025. This funding directly supports state veterans services programs, including counseling, housing assistance, and other support initiatives for veterans. The bill amends multiple Tennessee Code sections to redirect this specific portion of sports gaming revenue to the veterans department. It does not change existing allocations for other services, such as the 4% currently dedicated to mental health and substance abuse services.
HB 757 extends the notice period for tenants fleeing domestic abuse, sexual assault, or stalking from 30 to 45 days to terminate a rental agreement. It requires tenants to provide written notice and documentation of their victim status to landlords to trigger this longer window. The bill directly affects tenants in these situations and their landlords by giving victims more time to safely vacate properties without immediate eviction risk. This change updates Tennessee's residential rental laws (affecting multiple code sections) to prioritize safety for vulnerable tenants.
HB 1327 removes a requirement that the Tennessee General Assembly must approve rural and workforce housing tax credits through a joint resolution. This change directly affects the Tennessee Housing Development Agency (THDA), which administers these credits, by allowing it to manage the program without needing separate legislative authorization. The bill amends two specific sections of law to delete the existing authorization language while preserving the 2024 law's allocation rules (e.g., 50% of credits must go to rural projects). The key policy change is shifting the approval process from the legislature to the THDA's existing administrative authority. This takes effect July 1, 2025.
SB 785 limits local governments in Tennessee from requiring more than one entrance or exit for new housing subdivisions unless they contain at least 70 homes. It directly affects subdivision developers (especially for smaller projects) and local planning commissions, cities, and counties that previously could mandate multiple access points. The bill prohibits these local entities from enforcing such requirements for subdivisions with fewer than 70 residential units, making any conflicting rule void. It amends Tennessee zoning codes (Titles 4, 5, 6, 7, and 13) to establish this statewide standard. The law takes effect July 1, 2025, applying to new or amended planning regulations after that date.