No. SB 756
Filed under Taxes & Budget.
Affordable Housing; Increasing the length of time that certain rental units must remain affordable in order to qualify for a specified zoning variance; requiring that certain incentives be used for the construction of affordable housing; decreasing the maximum median income used to determine eligibility for certain tax incentives; specifying that documentary stamp taxes do not apply to deeds, transfers, or conveyances of residential property to first-time homebuyers, etc.
Plain English Summary
AI-GENERATEDThe bill exempts first-time homebuyers from documentary stamp taxes on deeds and promissory notes when purchasing a principal residence. This applies only to moderate-income buyers who have not owned a home in the prior three years.
Rental units must remain affordable for 50 years instead of 30 to qualify for zoning variances and incentives. This longer commitment is required for developers seeking special land use permissions in commercial or industrial zones.
Local governments must direct any incentives provided for affordable housing projects specifically toward the construction of affordable units. This prevents developers from using those incentives for other purposes or general profit.
The income threshold for certain property tax exemptions is lowered from 120 percent to 100 percent of the area median income. This narrows the pool of households eligible for these specific tax benefits.
AIDevelopers must keep 40% of units affordable for 50 years instead of 30 to get zoning relief.
AILocal governments must direct any incentives granted to developers toward building affordable units.
AIMultifamily projects must house households earning up to 100% of median income to qualify for tax breaks, down from 120%.
AIFirst-time homebuyers pay no documentary stamp tax on deeds or purchase documents for their principal residence.