Low-income Housing Property Tax Exemptions

Section 2 of the act clarifies and expands the current property tax exemption for property acquired by nonprofit housing providers for low-income housing. Section 2 also clarifies that property may qualify for the property tax exemption, through construction on the property, until the property is sold or transferred. The act expands the definition of "low-income" applicants to include individuals or families who are at or below 100% of the area median income or, if the property is in a rural resort community, at or below 120% of the area median income, as well as individuals or families who are at or below 80% of the area median income and were already included in the definition. Section 1…