Housing

Create a new section of Subchapter 20 of KRS Chapter 154 to establish the rural building and job creation revolving fund; specify uses of the fund to assist with compliance risk mitigation for the New Markets Tax Credits Program, or to issue low-interest loans to assist with construction of new buildings or renovations of existing buildings for lease to target wage economic development projects; require the Cabinet for Economic Development to report on the fund; create a new section of Subchapter 12 of KRS Chapter 154 to require the cabinet to work with the workforce liaison appointed by the president of the Kentucky Career and Technical College System to promote jobs created in the Commonwealth as a result of incentive programs; require the cabinet to conduct a feasibility and impact study on interstate reciprocity between state economic development programming; amend the general fund appropriation authorized in 2022 Ky. Acts ch. 199, Part I, B, 1.,(12) to not lapse and carry forward; APPROPRIATION; EMERGENCY.

Create a new section of KRS Chapter 100 to define terms; make affordable housing developed by a religious developer a permitted use and require only a ministerial review by a planning unit for compliance with the section; include requirements that an affordable housing development must meet including that it be on property owned by a religious institution prior to January 1, 2026, exclusively contains affordable housing, be less than 24 units and be located only on a parcel in certain zones, and to have obtained all other permits; require a religious institution that does not continue to qualify to seek approval from a planning unit; allow the Kentucky Housing Corporation to advise religious developers regarding affordable housing developments; allow homeless shelters operated by a religious institution to be permitted uses in commercial or business zones.