Subcommittee advances HB805, a local property-tax credit to preserve nonprofit affordable homes

The Local Revenue Subcommittee of the Ways and Means Committee voted to advance HB805, the Building Homes Act, out of the subcommittee after a brief staff presentation and a voice vote.

Stan, committee staff, described the proposal as "the local enabling property tax credit for counties and municipalities" that "allows them to give a credit to a dwelling that's subject to a mortgage or deed of trust provided by a nonprofit entity and also a covenant or other agreement with the duration of at least 20 years that enforces income and equity or appreciation restrictions to ensure the affordability of the dwelling, including on resale." The bill, as framed in committee, ties the credit to long-term covenants intended to preserve affordability across resales.

Committee members moved and seconded the measure and the chair called for a voice vote. The transcript records the chair announcing that HB805 "is passed out of the subcommittee, the Building Homes Act." The subcommittee did not record a roll-call tally in the transcript.

The vote advances HB805 to the next committee or floor process where details about implementation, local opt-in mechanisms and any fiscal effects will be further evaluated. The subcommittee met briefly and took up two bills before adjourning at 12:54 p.m.