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

Summary

The bill revises the criteria for a property‑tax exemption that applies when a nonprofit rehabilitates or builds housing and sells it to low‑income households. It requires the nonprofit to offer interest‑free loans or limit sales to buyers earning less than 120 % of the area median income, and it removes an existing subsection. The changes would affect nonprofit developers and low‑income homebuyers beginning with assessments on Jan 1 2026.

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