Health Tech Investment Act

119th Congress Introduced by Jim Banks and 4 co-sponsors

Bill S 1399 incentivizes property owners to improve vacant rentals with grants and tax credits, boosting affordable housing and revitalizing communities.

Introduced in Senate

Purpose and Intent

Bill S 1399 aims to establish the Vacant Rental Improvement Program, which is designed to address the issue of vacant rental properties in the state. The primary intent of the bill is to incentivize property owners to improve and rent out their vacant units, thereby increasing the availability of affordable housing and revitalizing communities.

Key Provisions

The bill includes several significant provisions:

Incentives for Property Owners: The program will provide financial incentives, such as grants or tax credits, to property owners who undertake improvements on vacant rental properties.

Eligibility Criteria: To qualify for the program, properties must be vacant for a specified period and meet certain standards for safety and habitability.

Funding Allocation: The bill outlines a funding mechanism for the program, which may include state appropriations and potential federal funding sources.

Oversight and Administration: The bill establishes a framework for the administration of the program, including the creation of a governing body responsible for overseeing applications and disbursement of funds.

Who Would Be Affected

Property Owners: Owners of vacant rental properties will be the primary beneficiaries, as they will receive financial support for improvements.

Tenants: The program aims to increase the availability of rental units, potentially benefiting low- and moderate-income families seeking affordable housing options.

Communities: Local communities may see revitalization and economic benefits as vacant properties are improved and occupied.

Procedural and Timeline Aspects

Introduced: The bill was introduced on January 9, 2025.

Legislative Progress:

Passed Senate: The bill successfully passed the Senate on June 6, 2025.
Delivered to Assembly: Following its passage, it was delivered to the Assembly on the same day.
Referred to Housing: The bill has been referred to the Assembly Housing Committee for further consideration.

Previous Actions: The bill underwent several committee reviews and amendments prior to its passage, including being reported and committed to finance and being ordered to a third reading.

Related Legislation

S 8591: A related bill from the prior session that may share similar objectives or provisions.

A 7679: A companion bill in the Assembly that aligns with the goals of S 1399.

This summary provides an overview of Bill S 1399, highlighting its purpose, key provisions, and the potential impact on property owners, tenants, and communities. The bill represents a proactive approach to tackling the challenges posed by vacant rental properties and aims to enhance housing availability in the state.

Bill