Nonprofit Housing Corporations - Taxes and Special Assessments Exemptions - Alterations

Summary

The bill changes the definition of a nonprofit housing corporation so that real property owned directly or through subsidiary entities can qualify for exemption from state and local taxes and special assessments. It also bars execution or judgment liens on that property, while allowing a negotiated payment in lieu of taxes that cannot exceed the normal tax amount. The changes aim to make affordable‑housing projects easier to finance and protect them from creditor actions.

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