Senate Bill 1271, also known as House Bill 1306, amends various sections of the Tennessee Code Annotated to enhance economic development, particularly in the context of housing for low to moderate-income individuals, the elderly, and handicapped persons. The bill introduces new provisions that expand the definition of eligible housing developments to include single-family homes, condominiums, and townhomes, alongside multifamily housing. It also clarifies that any references to "apartment" or "apartments" pertain to multifamily housing facilities available for rent. Additionally, the bill allows for the approval of public infrastructure projects within municipalities that create economic development corporations.

The legislation streamlines the process for amending economic impact plans by removing the requirement for additional public hearings for minor amendments and allows governing bodies to approve changes more efficiently. It also emphasizes the intent to encourage the redevelopment of brownfield sites and specifies that tax increment revenues can be allocated to support housing developments for low to moderate-income individuals. Overall, the bill aims to facilitate economic growth and improve housing accessibility in Tennessee.

Statutes affected:
Introduced: 7-53-101(15)(A)(x), 7-53-101, 7-53-101(15)(A), 7-53-302(a)(4), 7-53-302, 7-53-312(f), 7-53-312, 7-53-312(g), 7-53-314(f), 7-53-314, 7-53-314(g), 7-53-316(a), 7-53-316, 7-53-316(b), 9-21-133(a)(1)(B), 9-21-133, 9-23-103