Change provisions of the Community Development Law

LB 988 amends Nebraska's Community Development Law to update definitions and rules for designating blighted areas and using tax-increment financing. It specifically redefines "blighted area" with new criteria, including unemployment rates, building ages, and affordability requirements (e.g., requiring at least 20% affordable housing). The bill also sets strict limits: cities cannot designate more than 35% of their area as blighted (or 50% for smaller cities), with exceptions for defense sites or designated "extremely blighted" areas. These changes aim to standardize redevelopment planning and limit tax-increment financing use while harmonizing existing law sections.