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Board authorizes pursuit of sales-tax-exemption process to help nonprofit multifamily developers
Summary
The board directed staff to prepare an application to the state Tax Commission and to develop eligibility criteria so nonprofit and tax-credit multifamily developers could apply for a sales-tax exemption when projects meet ad valorem requirements.
The board authorized staff to pursue a sales-tax-exemption route for certain nonprofit and affordable multifamily developers and directed staff to prepare an eligibility rubric for future approvals.
A presenter told the board the authority has received requests from new and out-of-area multifamily developers operating as nonprofits who asked whether the authority could act as a governmental conduit to secure a state sales-tax exemption. The…
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