Establishing tax exemptions for property used as affordable housing owned or operated by a social housing agency.
What changed between versions
Added new definitions for 'social housing' (mixed-income housing for at least 99 years) and 'social housing agency' (specific public corporation type).
Changed the income threshold for 'moderate-income household' from 'at or below 120%' to 'more than 80% but at or below 115%' of median income.
Modified the covenant requirement for social housing agencies to state the property will 'primarily be used' for low-income housing for at least 15 years, instead of prohibiting other uses.
Added a specific requirement for social housing agencies to file a renewal declaration every third year, distinct from the annual renewal required by other entities.
Updated the effective date for certain sections to January 1, 2027, and adjusted expiration dates for various sections to align with the new timeline.
Expanded the list of eligible funding sources to include 'City or county funds designated for affordable or social housing'.