Housing (Housing Finance)

SB 430 creates tax incentives for developers building affordable single-family homes for households earning under 130% of the area median income. It allows transferable tax credits covering project costs (expiring after 4 years) and partial tax abatements on employer excise taxes (up to 10 years) and local sales taxes (up to 20 years). The bill also exempts qualifying homes from property taxes and transfer taxes for initial owners, while prohibiting sales to corporations or limited-liability companies. These provisions apply only to projects approved by the Housing Division before July 1, 2055.