ARIZONA HOUSE OF REPRESENTATIVES

Fifty-fifth Legislature

Second Regular Session

House: NREW DP 12-0-0-0 | 3rd Read 57-1-2-0

Senate: FIN DPA/SE 6-2-2-0 | 3rd Read 25-1-4-0
Final Pass: 34-19-7-0

HB 2610: G&F; permits; tags; transfers

S/E: project unit size; affordable housing

Sponsor: Representative Burges, LD 1

Transmitted to the Governor

Overview

Removes the 200-unit cap for an affordable rental housing project to qualify for a property tax exemption.

History

Statute exempts, for property tax purposes, property that is used exclusively for affordable rental housing as prescribed by the Low-Income Housing Tax Credit (LIHTC) program or another recorded restrictive covenant imposed by financing for affordable housing and related facilities. An affordable housing rental property is exempt from property tax if the property does not exceed 200 units, is owned and operated by an eligible nonprofit corporation or a limited partnership or limited liability company in partnership with or managed by an eligible nonprofit corporation, maintains a restricted rent amount that does not exceed the amount prescribed by deed restrictions or regulatory agreements pursuant to the property's financing or financial assistance terms and is either: 1) financed with tax-exempt mortgage revenue bonds or general obligation bonds or by local, state or federal loans or grants; or 2) eligible for and receives LIHTCs. The owner of a tax-exempt property must certify that the monies that would have been used for property tax are used to maintain the affordability of the units occupied by low-income households (A.R.S. § 42-11133)

Provisions

1. Removes the 200-unit cap to qualify for the property tax exemption. (Sec. 1)

2. Makes technical changes. (Sec. 1)

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6. HB 2610

7. Initials VP Page 0 Transmitted

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