Lawmakers introduce option to let nonprofits partner with for‑profits on property-tax‑exempt workforce housing

Representative Rick Cheatham introduced RS 32584 to the House Revenue and Taxation Committee on March 13, asking the committee to place the idea in the public sphere for study by an interim committee.

Cheatham said the state adopted a property-tax exemption in 2002 for affordable and workforce housing developed by nonprofit entities ("code section 603-602GS," as cited in committee). He told the committee that statutory restrictions have left the incentive "virtually unused" and said the option before members would allow nonprofits to team with for‑profit developers and access federal housing incentives to make larger projects feasible.

"Our intent with this bill is to put an option out there that may be considered by this committee as a potential, 1 potential tools to help obtain this," Cheatham said. He described local examples in which nonprofit partners were able to develop projects when paired with organizations that had capital.

Austin Vanderhaeyn, representing Dominion,…