Tennessee Allocates Half of Bond Authority – $423 Million – to Multifamily Housing

The Tennessee Department of Economic and Community Development allocated the Tennessee Housing Development Agency $423,080,500 of private activity bond authority. The attached memo confirms that the full $423,080,500 will be available for multifamily use pursuant to Section 5.A of the Multifamily Tax-Exempt Bond Authority Program Description for 2023. This is roughly half of the state’s estimated $846 million in bond authority.