A bill for an act modifying public improvements relating to housing and residential development in urban renewal areas, and including effective date and applicability provisions.

HF 617 modifies rules for public improvements related to housing and residential development in certain urban renewal areas within cities. The bill increases the minimum required assistance for low and moderate income family housing in these projects from 10% to 20% of the original project cost. It also extends the period for dividing tax revenues (tax increment financing) for these specific projects from 10 to 20 fiscal years. Additionally, the bill expands the definition of "low and moderate income family housing" for these projects to include workforce housing, and updates the general definition of "low or moderate income families" within the relevant code chapter. These changes apply to projects approved on or after the bill's enactment.