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House approves affordable-housing package to expand credits, seed loan and rural set-aside; HB 36 passes 50-22
Summary
The Utah House passed First Substitute HB 36, a package increasing state low-income housing tax credits, creating a repayable economic revitalization loan fund, and adding a landlord reimbursement pilot; vote was 50 yes, 22 no and the bill is headed to the Senate.
Representative Edwards, the bill sponsor, told the House that First Substitute HB 36 aims to increase the supply of rental housing for households earning 30 percent or less of area median income (AMI) by expanding the state low-income housing tax credit and creating an appropriated loan fund.
"This bill helps us move the needle to where the need is greatest in the gap in affordable housing for the 38,000 extremely low income renters statewide who cannot find a place to live," Representative Edwards said during his presentation of the measure, which the sponsor said increases the state credit from 12.5¢ per person to 34.5¢ per person and allows multiple investors to own tax credits…
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