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Sponsor seeks committee support for cooperative limited-equity housing bill but flags fiscal note concerns
Summary
Sen. Smith presented SB927 to establish cooperative limited-equity housing; he said amendments reduced fiscal impacts but a fiscal note still estimated costs near $278,000, and he asked the committee to consider the measure despite budget concerns.
Senate Bill 927, sponsored by Sen. Smith, would create cooperative limited-equity housing structures and related statutory provisions. Smith told the committee the bill had been heard previously and that amendments were made to address fiscal concerns.
"What the amended bill does is it changes the requirement for SDAT to hold onto those, records of incorporation and operation. And so that takes away a little bit of that administrative burden," Smith said, describing changes intended to reduce the bill's administrative cost.
He told the committee the two primary cost drivers in the earlier fiscal note were a tax abatement provision and a tax credit. Even after amendments that removed or reduced those components, Smith said a later fiscal note still showed an estimated cost of $278,000, which he acknowledged was above typical allocation limits.
Smith asked the committee for a favorable report while noting the fiscal concerns and urged members to weigh the programmatic benefits of creating limited-equity housing against the estimated costs.
The hearing transcript does not record a committee vote; Smith thanked the committee and stood for questions.
