THDA is governed by a Board of Directors. The Comptroller of the Treasury, the Secretary of State, the State Treasurer, the Commissioner of the Department of Finance and Administration, and a Staff Assistant to the Governor serve as ex officio board members of THDA. The Governor appoints six board members, who are citizens of the state, who do not hold public office, and who represent the following groups: retail building material supply, manufactured housing, home building, mortgage banking, licensed real estate brokers, local public housing authorities, local government and qualifying non-profits. The Governor also appoints two Board members from the public at large who are knowledgeable about the problems of inadequate housing conditions in Tennessee. The Speaker of the State Senate and the Speaker of the State House of Representatives each appoint one Board member, each of whom must be a citizen of the state, not hold public office and be knowledgeable about the problems of inadequate housing conditions in Tennessee.

The following five committees to assist in carrying out the work of the THDA Board of Directors: 

The Audit and Budget Committee 
The Audit and Budget Committee is statutory and its duties are specified in law. The Director of Internal Audit of THDA reports both to the Committee and the Executive Director of THDA. 

The Bond Finance Committee
The Bond Finance Committee is statutory and most of its duties are specified in law. In addition to specific duties, the Committee exercises general oversight of THDA's financial operations. Staff of the members of the Committee work closely with staff of THDA with respect to debt issuance, debt management and investment activities. 

The Grants Committee 
The Grants Committee has broad responsibility for oversight of THDA's grant programs and other programs with non-profit agencies, including the statewide homebuyer education initiative (THBEI). 

The Lending Committee 
The Lending Committee has broad responsbility for oversight of THDA's programs including mortgage lending, home improvement, foreclosure prevention and counseling, and homebuyer education. 

The Tax Credit Committee
The Tax Credit Committee has broad responsbility for oversight of THDA's programs for low income housing tax credits, community investment tax credits, and multifamily tax-exempt bonds.

The THDA Board of Directors and its Committees meet on the fourth Tuesday of alternating months, except the Bond Finance Committee which meets on the fourth Monday of alternating months.