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Bill to protect nonprofit affordable-homeownership projects from losing property-tax exemptions clears public hearing
Summary
House Bill 2610 would allow nonprofit organizations developing homeownership projects to rent or loan property for qualifying nonprofit activities during predevelopment without losing a property-tax exemption; testimony from land trusts, interlocal housing partnerships and nonprofit developers supported the change as protecting stewardship and reducing development costs.
House Finance heard House Bill 2610, which clarifies the nonprofit homeownership property-tax exemption to allow interim uses by qualifying nonprofit organizations without forfeiting the exemption. Serena Dolly summarized the existing exemption: property owned by nonprofits for developing housing to be sold to low-income households is generally exempt from state and local property tax but the exemption typically expires after seven years or upon lease or…
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