Establishes tax incentives in relation to workforce and disaster recovery housing

HB 240 creates tax credits for housing developers who build or rehabilitate workforce housing in designated areas, including disaster recovery zones. It directly affects housing businesses (developers, contractors, nonprofits) constructing projects meeting specific criteria: at least 2-4 single-family units or multiple dwelling units in small cities, urban areas, or FEMA-eligible disaster zones. Key provisions include tax credits based on qualifying new investment costs (capped at $150,000 per unit), with exemptions for federal/state grants. Projects must occur on brownfield, grayfield, or greenfield sites and meet minimum unit requirements or qualify as rehabilitation projects meeting historic preservation standards. The program aims to incentivize housing development in underserved communities and post-disaster areas through state tax relief.