AN ACT REQUIRING CERTAIN COMMON INTEREST COMMUNITIES BE ELIGIBLE FOR TAX CREDITS FOR REHABILITATION OF HISTORIC PROPERTY.

HB 6787 allows certain common interest communities (like neighborhoods or housing complexes with more than four units) in financially distressed municipalities to qualify for state tax credits when renovating historic properties. To be eligible, the community must be listed individually on a state or national historic register, located in a designated historic district, or certified as contributing to that district’s historic character. Additionally, over half the units must be owner-occupied, or the community must have Federal Housing Administration certification. This bill expands existing tax credit programs to include these specific historic housing communities, directly affecting property owners and developers in designated historic areas facing economic challenges.