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Committee hears bill to authorize land banks to advance affordable housing
Summary
House Bill 19-74 would enable local public corporations, housing authorities and tax-exempt nonprofits to form land banks that acquire and hold land for affordable housing, with 30-year affordability covenants and certain tax exemptions. Supporters said land banks lower land costs and speed development; staff flagged technical language on tax-foreclosure priority.
The House Housing Committee held a public hearing on House Bill 19-74 on Jan. 19, considering a proposed substitute that would authorize land banks to assemble, hold and transfer property for affordable-housing development.
Jim Morishima, staff to the committee, described the proposed substitute as enabling multiple entity types (public corporations created by local governments, public housing authorities and tax-exempt nonprofit corporations) to act as land banks. He said the substitute requires housing developed via a land bank to maintain affordability for 30 years and authorizes land banks to acquire, hold, improve, lease or transfer property, while exempting land-banked property from certain real-estate…
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