Affordable Housing Payment In Lieu of Taxes Expansion Act

HB 390 expands tax exemptions for rental housing properties that maintain affordable units. It requires property owners to agree with counties to keep at least 50% of rental units affordable - defined as costing no more than 30% of a household’s income or 60% of the local median income - for a minimum of 15 years. In exchange, these properties qualify for reduced or eliminated county property taxes. The bill directly affects rental property owners seeking tax relief and county governments negotiating these agreements.