Senate committee unanimously approves Senator Taylor's low income home ownership bill

Senate Bill 857, aimed at revitalizing low-income home loan programs in Tennessee, received unanimous support during a recent Senate Judiciary Committee meeting. Senator Taylor introduced the bill, which seeks to allow counties that initially funded a state program in the 1980s to withdraw their funds and establish their own local low-interest loan initiatives.

The original program, designed to assist low-income homebuyers, became obsolete as interest rates fell below the statutory limits set decades ago. Currently, only Shelby County has participated in the program, which now holds approximately $3.1 million. Senator Taylor emphasized that this bill would enable counties to reclaim their investments and better serve their communities.

During the discussion, Senator Rose raised concerns about accountability, asking how the funds would be managed once returned to the counties. Senator Taylor assured the committee that Shelby County has already drafted an ordinance to implement its own homebuyer program, providing a framework for accountability.

The bill passed with a unanimous vote, reflecting strong bipartisan support for enhancing local housing opportunities. As the committee moves forward, the next steps will involve further discussions on related legislation, including Senate Bill 527, which addresses liability limits for pesticide manufacturers. The committee's actions signal a commitment to addressing housing needs and regulatory clarity in Tennessee.