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

Summary

The bill revises the state’s property‑tax exemption for nonprofit groups that rehabilitate or build homes to sell to households earning below a set income level. It removes one existing sub‑section, adds requirements that nonprofits either provide interest‑free loans or limit sales to buyers earning less than 120 % of area median income, and applies to tax assessments beginning January 1, 2026. The changes aim to ensure affordable housing benefits target the intended low‑income buyers.

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