Relating to exemption of land held for low-income housing; and prescribing an effective date.
Catchline/Summary:
Exempts from property taxation land acquired and held by nonprofit corporation for building residences to be sold to individuals whose income is not greater than 80 percent of area median income. Exempts from property taxation land acquired and held by nonprofit corporation for building residences to be sold to individuals whose income is not greater than 80 percent of area median income. Prohibits nonprofit corporation from claiming exemption unless nonprofit corporation has sold at least one residence to low-income individuals within 10 years before filing claim. Provides that exemption is granted for seven years, or 10 years if extension timely claimed, or until transfer of title to residences. Provides for disqualification from exemption and imposition of additional taxes if title to residences not transferred at end of seven years, or 10 years if extension timely claimed.
Takes effect on 91st day following adjournment sine die.
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HB 2690
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