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Senate committee hears sponsor testimony on Promised Land Act to spur nonprofit-led homeownership
Summary
An informal hearing on Senate Bill 250, the Promised Land Act, introduced a transferable 10% state tax credit intended to help Ohio nonprofits and faith groups convert underutilized land into owner-occupied homes, with eligibility, affordability safeguards and program caps spelled out by the sponsor.
The Senate committee on housing held an informal hearing on Senate Bill 250, the Promised Land Act, where the bill's sponsor described a plan to use state tax credits to encourage nonprofits and faith-based organizations to develop owner-occupied housing on underused land.
The sponsor said the bill is "a faith friendly housing bill designed to unlock underutilized land owned by nonprofits across Ohio to develop owner occupied housing." The sponsor framed the measure as a response to families being priced out of homeownership and as a way for mission-driven organizations to partner with private developers.
According to the sponsor's testimony, Senate Bill 250 would establish the Promised Land Credit, a 10% state tax credit "applied to the land and construction…
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