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Committee approves bill expanding tools to incentivize affordable housing and tax-increment financing
Summary
House Bill 1306, an administration-backed measure, would broaden the definition of industrial development projects to include affordable single-family and multifamily housing, allow industrial development corporations to finance such projects, and permit tax increment financing features; the committee moved the bill to finance, ways and means.
Representative Darby presented House Bill 13-06 on behalf of the administration and Leader Lambreth. The bill seeks to incentivize affordable and workforce housing by expanding economic-development tools, including broadening "industrial development projects" to encompass single-family, condominium and townhome affordable housing, and allowing industrial development corporations to purchase, finance or develop such projects.
Darby said the bill would expedite economic-development planning, permit municipal tax increment financing for housing projects similar to industrial projects and allow local governments more flexibility in financial incentives. "This legislation amends that real property will be included in total property tax evaluation for the land, which will be used for tax increment financing purposes," Darby said.
Department of Economic and Community Development representatives were present and signed up to speak; after brief remarks the committee voted to move the bill. The clerk recorded 22 ayes and 0 nays; the bill advances to Finance, Ways and Means.
Why it matters: The bill would change how local governments can use economic development tools and tax increment financing to support affordable and workforce housing, potentially accelerating projects and changing the tax treatment of property involved in TIF plans.
What’s next: HB1306 advances to Finance, Ways and Means for further review of fiscal and implementation details.
