Tennessee Housing Development Agency (THDA) released their draft 2026 Multifamily Tax-Exempt Bond Program (MTBA).

Substantive changes include:

  • Three rounds in 2026
    • East Bank Development Area Special Review (Up to $100 million)
    • Changes to the rankings in subsequent rounds
    • $98M combined maximum per developer in rounds one and two
  • Implementing the new federal bond financed-by test: 40% of the development’s aggregate basis including land