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Introduced House Bill (H)

DIGEST

Affordable housing tax benefits. Restores the property tax exemption for certain real property that is acquired for the purpose of erecting, renovating, or improving a single family residential structure that is to be given away or sold: (1) in a charitable manner; (2) by a nonprofit organization; and (3) to low income individuals who will use the land as a family residence. Expands the neighborhood assistance credit to provide the credit for contributions to certain nonprofit entities that develop affordable residential housing for sale to certain low income buyers (program II). Expands the neighborhood assistance credit to provide the credit Affordable housing tax benefits. Restores the property tax exemption for certain real property that is acquired for the purpose of erecting, renovating, or improving a single family residential structure that is to be given away or sold: (1) in a charitable manner; (2) by a nonprofit organization; and (3) to low income individuals who will use the land as a family residence. Expands the neighborhood assistance credit to provide the credit for contributions to certain nonprofit entities that develop affordable residential housing for sale to certain low income buyers (program II). Expands the neighborhood assistance credit to provide the credit for contributions to affordable housing organizations (program III). Provides that the aggregate limit of tax credits that may be approved under program II each state fiscal year is $1 million. Provides that the aggregate limit of neighborhood assistance tax credits that may be approved under program III each state fiscal year is $1 million. Specifies conditions for allocations of neighborhood assistance credits to affordable housing organizations under program III. ... View more