Bill
SD 29
Overview: SD 29, "An Act authorizing a local affordable housing surcharge", has passed the House and is awaiting final concurrence.Purpose and Intent: The main goal of this bill is
Overview: SD 29, "An Act authorizing a local affordable housing surcharge", has passed the House and is awaiting final concurrence.
Purpose and Intent: The main goal of this bill is to empower local municipalities to implement a surcharge on property taxes to fund the development and preservation of affordable housing within their communities.
Key Provisions:
- Authorizes local governments to levy a surcharge of up to 1% on property taxes
- Requires the surcharge revenue to be dedicated to an affordable housing trust fund
- Allows the trust fund to be used for a variety of affordable housing initiatives, such as new construction, rehabilitation, and rental assistance
Affected Parties and Impacts: The primary beneficiaries of this bill would be low- and moderate-income residents in the affected municipalities, who would have increased access to affordable housing options. Local governments would also have an additional tool to address housing affordability challenges in their communities.
Procedural and Timeline Considerations: The bill has passed the House and is awaiting final concurrence. Once passed, it would be up to individual municipalities to decide whether to implement the affordable housing surcharge.
Compiled from official sources — confirm details with the bill’s official record.
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