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Bill would let nonprofits rent or loan predevelopment land without losing tax exemption, supporters say
Summary
House Bill 26 10 would clarify property-tax exemption rules for nonprofit organizations developing affordable homeownership by allowing certain interim rentals/loans to qualifying nonprofit users without losing exemptions. Proponents said the change reduces carrying costs and prevents blight; staff said the fiscal impact to the state general fund is expected to be nil but local shift indeterminate.
House Finance Committee members heard from nonprofit housing advocates on HB 26 10, a bill designed to protect property-tax exemptions for land held by nonprofit developers while projects are in predevelopment.
Staff explained the current exemption for property owned by nonprofits developing housing to be sold to low-income households generally expires after seven years or upon lease/transfer unless an extension is granted. Under HB 26 10, a nonprofit holding land…
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