Relating to prohibiting the allocation of low income housing tax credits for certain developments.

HB 492 would prohibit the state from allocating low-income housing tax credits for certain types of housing developments. This bill directly affects developers and property owners who typically seek these tax credits to fund affordable housing projects. The key provision bans the allocation of tax credits for developments meeting specific criteria defined in the legislation. The bill is currently pending in the Intergovernmental Affairs committee after being filed and read for the first time.