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Committee adopts amendment to expand development‑impact tax exemption for some affordable rental projects
Summary
The Committee on Rules adopted an amendment to bill 250707 to remove a 50‑year compliance requirement and requested retroactivity to 07/01/2025 so city‑subsidized affordable rental projects and housing‑credit developments can qualify for a development impact tax exemption, following testimony from the Planning Department.
Emily Persico, Deputy Director of Development Services in the Department of Planning and Development, told the Committee on Rules the amendment before the committee would expand eligibility for the development impact tax exemption and remove a 50‑year compliance requirement that has blocked many affordable rental…
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