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Committee debates sublease limits, AMI caps and tax valuation in manufactured-home limited‑equity cooperative bill
Summary
During markup of a manufactured-home and limited-equity cooperative bill, members debated allowing hardship subleasing, whether to cap sublease rent by HUD fair market rent, AMI, or owner costs, and asked staff to request a Tax Department report on how such properties are assessed and to redraft the bill.
The House General & Housing committee resumed markup on a bill addressing manufactured-home communities and limited-equity cooperatives (LECs) on Feb. 11, focusing on how to treat subleasing and property-tax assessments.
Committee members revisited a provision that currently grandfathered existing LECs on subleasing but otherwise prohibited new LECs from subleasing. Member Gail proposed allowing subletting under a documented hardship, with a cap tied to affordability standards rather than full market rates. "You could only charge ... 50% AMI," one member…
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