Residential housing development program.

Defines "residential housing" as housing or workforce housing that consists of single family dwelling units sufficient to secure quality housing in reasonable proximity to employment. Revises the requirements an allocation area must meet for the redevelopment commission to establish a program for housing. Allows the redevelopment commission of a consolidated city (commission) to establish a program for residential housing development and a tax increment funding allocation area for the program if the average of new, residential houses constructed in the consolidated city in each of the preceding three years is less than 1% of the total number of residential houses located in the consolidated city. Requires the department of local government finance, in cooperation with the appropriate agency of the consolidated city, to determine eligibility for the residential housing development program. Specifies the findings the commission must make before adopting the residential housing development program. Provides that all of the rights, powers, privileges, and immunities that may be exercised by the commission in blighted, deteriorated, or deteriorating areas may be exercised by the commission in implementing a residential housing development program, including levying a special tax, issuing bonds, or entering into leases and allocating incremental property tax revenue.