This bill creates a revolving loan program to provide gap funding for workforce housing projects that have already received some financial assistance but still need additional funds to complete construction. It authorizes the state housing authority to issue up to $50 million in bonds to establish a dedicated fund for these loans, which will be repaid by developers and reused to fund future projects. The program targets residential housing where costs do not exceed 30% of 120% of the area median income, benefiting developers and local governments that partner on eligible workforce housing initiatives. The bill also amends existing statutes to exempt these new bonds from certain spending limitations and requires coordination with the state building commission before issuing any bonds.
SB 942 amends state tax statutes to clarify how the low-income housing tax credit is claimed by entities and their members. It specifies that partnerships, limited liability companies, and tax-option corporations cannot claim the credit directly, but their individual partners, members, or shareholders may claim it based on the entity’s eligible costs. The bill requires entities to calculate and distribute credit amounts to members and mandates that individuals claiming credit under written agreements must submit those agreements with tax returns. It also adds a specific provision allowing insurers (as shareholders) to claim the credit based on costs incurred by the entity they are part of. This bill directly affects housing developers, investors, and insurers involved in low-income housing projects financed with tax-exempt bonds.
SB 1048 modifies property tax exemption rules for nonprofit organizations (501(c)(3) status) that sell properties to low-income households. It requires nonprofits to hold property for rehabilitation, redevelopment, or new construction specifically for sale to buyers with income below 120% of the area median income (using federal standards). The bill removes a previous requirement for nonprofits to offer interest-free loans to buyers and updates the income threshold for eligibility. This exemption applies to property tax assessments starting January 1, 2026, directly affecting nonprofits developing affordable housing for qualifying buyers.
AB 976 clarifies how tax credits for low-income housing projects are claimed by business entities. It modifies rules so partnerships, limited liability companies, and tax-option corporations cannot claim the credit directly; instead, their members or shareholders (including insurers who are part of such entities) may claim it based on the entity's eligible costs. The bill requires entities to calculate and distribute credit amounts to members/shareholders, with specific allocation rules for ownership interests or written agreements. It directly affects housing developers, investors, and insurers involved in low-income housing projects financed through tax-exempt bonds in the state. The changes standardize credit allocation across multiple tax code sections without altering eligibility or credit amounts.
AB 737 allows municipalities to establish neighborhood improvement districts that can impose special property charges to fund infrastructure directly related to residential development within those neighborhoods. Property owners in designated districts would pay these charges, which can be collected in installments over time and included in regular tax bills, rather than requiring delinquency. The bill requires districts to specify exactly which infrastructure projects the funds will support and how charges are calculated per parcel, while allowing exemptions from notice requirements if a single owner holds all properties in the district. This legislation affects local property owners and municipalities by creating a new mechanism for financing neighborhood-specific infrastructure improvements through targeted assessments.
SB 178 relates to changes to the low-income housing tax credit program. The provided amendments clarify the timing and application of the qualified allocation plan, which guides how these credits are allocated by the relevant authority.
AB 182 amends state tax statutes to clarify how low-income housing tax credits are allocated to owners in multi-entity business structures. It specifies that partnerships, limited liability companies, and tax-option corporations cannot claim the credit directly; instead, partners, members, or shareholders must claim it based on their ownership share or a written agreement. A new provision (76.639(3)(b)) explicitly allows insurers who are partners/members/shareholders to claim credits based on their stake in qualifying housing projects. The bill requires entities to calculate and provide credit allocations to owners, with written agreements needed for non-proportional allocations, and holds individual claimants responsible for tax disputes.
AB 52 expands the homestead income tax credit for homeowners with low to moderate income. It establishes new income-based limits: households earning $8,060 or less get credit covering 80% of property taxes, while higher earners get credit on taxes exceeding 5.614% of income over $8,060. The credit is unavailable if household income exceeds $35,000. The law also adds automatic inflation adjustments to these thresholds starting in 2026.
