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Bill to expand REIT exemption to community land trusts draws support from affordable‑housing advocates
Summary
House Bill 2227 would expand an existing real‑estate excise tax (REIT) exemption for sales by affordable homeownership facilitators to include nonprofit programs such as community land trusts; proponents said the change lowers transaction costs and preserves long‑term affordability for income‑qualified buyers.
The House Finance Committee heard from staff and multiple community land trust representatives Jan. 27 about House Bill 2227, a proposal to expand the real estate excise tax (REIT) exemption that currently applies to certain self‑help homeownership sales so it also covers qualified affordable ownership housing sold by nonprofit homeownership facilitators.
Serena Dolly, staff to the committee, explained the existing REIT framework and said HB 2227 would extend the exemption to sales…
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