HOUSE BILL NO. 1791

By Representative McDonald

Substituted for: Senate Bill No. 1778

By Senator Graves

AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 5, Part 2, relative to property tax exemptions.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:

SECTION 1. Tennessee Code Annotated, Section 67-5-207, is amended by adding the following new subsection:

( ) Subject to the general requirements of this section for exemption of federally assisted housing, there shall also be exempted under this section, the property of not-for-profit organizations used as housing for low income and very low income persons and funded as a special needs project under the HOUSE Program established by Public Chapter 900 of 1988.

SECTION 2. This act shall take effect upon becoming a law, the public welfare requiring it.