Senate committee holds first hearing on 'Promised Land Act,' a 10% tax credit to spur nonprofit housing

The Ohio Senate Housing Committee held a first formal hearing on Senate Bill 250, the Promised Land Act, which would create a 10% transferable state tax credit to support affordable housing developed by nonprofit and faith-based landowners, committee members and witnesses said during the hearing.

Neill Jurist, chief communications and government affairs officer for Community Shelter Board, testified that the credit would help nonprofits convert underused land held by churches and community organizations into deeply affordable, owner-occupied housing. “Senate Bill 250 bridges this divide by creating a 10% transferable state tax credit for eligible housing projects developed by nonprofits,” Jurist said.

The bill would limit the tax credit to single-family homeownership projects as written; witnesses said removing that restriction to allow multifamily rental projects could increase the bill’s impact in some local markets. “Currently, the bill would limit…