Concerning tax exemptions for unoccupied property used for affordable housing that is owned by a nonprofit entity.

SB 6256 creates a property tax exemption for unoccupied real estate owned by nonprofit entities that will be used for affordable housing within three years. It directly affects nonprofits planning to develop or renovate housing for households earning at or below 50% of the area median income (as defined by HUD). Key provisions require nonprofits to secure financing from specified sources (like state housing programs or affordable housing levies) and maintain at least 75% occupancy by qualifying households to qualify for full exemption. Partial exemptions apply if occupancy falls below 75%, calculated based on the proportion of qualifying units. The bill expands existing exemptions to cover unoccupied properties during development or renovation, ensuring tax relief aligns with future affordable housing use.