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Lee proposes $60 million revolving loan fund for starter homes, $100 million for regional water strategy and Farmland Conservation Act
Summary
Governor Bill Lee proposed a $60 million starter home revolving loan fund with 0% construction loans, a $100 million regional water supply strategy tied to Duck River preservation, and urged passage of a Farmland Conservation Act to slow loss of farmland.
Governor Bill Lee proposed a multi-pronged approach to housing, water resources and farmland preservation in his State of the State address.
On housing, Lee proposed a $60,000,000 starter home revolving loan fund that would provide 0% interest construction loans for building new single-family starter homes, and he said the budget would fund the rural and workforce housing tax credit to stretch affordable housing dollars further.
On water and conservation, Lee described the Duck River as “the sole water source for more than 250,000 Tennesseans” in a fast-growing region and announced a proposed $100,000,000 in his budget to create a regional water supply strategy. He said he signed an executive order in November to preserve the Duck River and presented the funding as part of a long-term solution.
Lee also urged the General Assembly to pass the Farmland Conservation Act, citing that Tennessee is losing “10 acres of farmland per hour” and described a voluntary grant program to preserve and protect family farms, naming Noble Springs Farm (Dustin and Justine Noble) as an example of a family farm the program would support.
The speech did not include statutory text for the Farmland Conservation Act or implementation details and did not specify administrative responsibility for the water supply strategy within the address.
