Establishes the First-Time Homebuyer Assistance Program in Tennessee to support first-time homebuyers.

This bill creates the First-Time Homebuyer Assistance Program in Tennessee, administered by the housing development agency. It provides up to $20,000 in program funds to first-time homebuyers for down payments, closing costs, or interest rate reductions on qualifying mortgage loans. The program funds can be used for residential units priced up to $450,000, with annual adjustments allowed. Recipients must repay the agency if they sell or refinance before the mortgage term ends, with repayment calculated as the lesser of the program funds received or 50% of the home equity amount.

Establishes the First-Time Homebuyer Assistance Program in Tennessee to support first-time homebuyers.

This bill creates the First-Time Homebuyer Assistance Program in Tennessee, administered by the housing development agency. It provides up to $20,000 in program funds to first-time homebuyers for down payments, closing costs, or interest rate reductions on qualifying mortgage loans. The program funds can be used for residential units priced up to $450,000, with annual adjustments allowed. Recipients must repay the agency if they sell or refinance before the mortgage term ends, with repayment calculated as the lesser of the program funds received or 50% of the home equity amount.