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Land bank bill draws support from cities and housing authorities, raises technical tax questions
Summary
SB 6,214 would authorize land bank authorities, exempt qualifying land bank property from certain taxes, and require affordability covenants on at least half of land; cities, counties and housing authorities largely supported the bill while the Department of Revenue flagged verification language and one rural testifier warned about land being locked from local markets.
Committee staff described Senate Bill 6,214 as a proposed substitute that would authorize public corporations, public housing authorities, and 501(c)(3) nonprofit organizations to operate as land bank authorities that can acquire, manage, improve, lease, transfer, or dispose of property for affordable housing.
John Kim, committee staff, told the panel the proposal requires at least 50% of land subject to deed or covenant restrictions for affordability for at least 30 years, requires annual reports from land bank officials, and includes tax preferences that would exempt qualifying land bank property from property tax, in-lieu…
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