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Low-income housing incentive program approved

The General Assembly approved legislation in April, incentivizing developers to build more affordable housing in rural areas of Tennessee.

House Bill 1046, sponsored by State Rep. Kevin Vaughan, R-Collierville, creates the Tennessee Rural and Workforce Housing Act.

The legislation mirrors the federal Low-Income Housing Tax Credit (LIHTC) program, which provides incentives for the development of affordable housing for people that earn 60 percent or less of the area’s median income. Those tax credits are currently administered by the Tennessee Housing and Development Authority (THDA).

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“My hope is that the creation of this program will help to stimulate growth and development in our rural areas,” Vaughan said. “As a result, it will give our low-income families more options for affordable, safe and quality housing.”

House Bill 1046 will now head to Gov. Bill Lee’s desk to be signed into law.

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