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Senate Bill 5591 would let cities/counties create sales-tax remittance program to support affordable housing; broad support from providers
Summary
Senate Bill 5591 would permit local opt-in sales-and-use tax remittance programs where half of the local sales tax remitted on qualifying projects would reimburse eligible developers and half would stay with the jurisdiction for affordable housing uses; affordable-housing developers and local governments broadly supported the concept.
Senate Bill 5591 would authorize a city or county to establish a sales-and-use tax remittance program to support eligible affordable housing development. Under the bill, an eligible organization (including nonprofit and for-profit developers, public housing authorities, or entities designated under Housing Finance Commission rules) could receive 50% of the sales and use tax imposed by the participating local jurisdiction, subject to qualifying project requirements (including commitments that at least 50% of units be rent- or sale-restricted to low-income households for at least 40 years). The remaining 50%…
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