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Senate panel hears testimony on tax and REIT exemptions for social housing agencies
Summary
Lawmakers heard from advocates and sponsor Vandana Slatter on SB 6,201, which would extend property‑tax and real‑estate excise tax (REIT) exemptions to public development authorities that operate permanently affordable social housing if at least 50% of units serve households at or below 80% AMI and a 15‑year covenant is recorded.
Senator Vandana Slatter, the bill’s prime sponsor, told the Senate Housing Committee that Senate Bill 6,201 would extend the same property‑tax and real‑estate excise tax exemptions now available to public housing authorities to newly created “social housing” public development authorities that pledge long‑term affordability.
"These are emerging, innovative public development authorities ... designed to develop, own, lease, and maintain mixed income housing that's permanently affordable," Slatter said, describing the tool as a way to help teachers, firefighters and service workers afford homes in high‑cost communities. She said the proposal requires at…
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