Relating to: modifications to the property tax exemption for nonprofit organizations that sell property to low-income persons. (FE)

SB 1048 modifies property tax exemption rules for nonprofit organizations (501(c)(3) status) that sell properties to low-income households. It requires nonprofits to hold property for rehabilitation, redevelopment, or new construction specifically for sale to buyers with income below 120% of the area median income (using federal standards). The bill removes a previous requirement for nonprofits to offer interest-free loans to buyers and updates the income threshold for eligibility. This exemption applies to property tax assessments starting January 1, 2026, directly affecting nonprofits developing affordable housing for qualifying buyers.