Establishes a community land bank program, creates a tax credit for affordable housing, and sets rules for property sales and insurance rates.

The bill creates a community land bank program to facilitate the sale or rental of properties for affordable housing. It allows municipalities and counties to establish land banks to acquire, hold, and transfer unimproved real property for affordable housing developments. The bill also creates a tax credit for projects converting shopping centers into affordable workforce housing. Additionally, it sets rules for property sales, including a 90-day waiting period for certain business entities to purchase single-family residential properties.

Establishes a community land bank program, creates a tax credit for affordable housing, and sets rules for property sales and insurance rates.

The bill creates a community land bank program to facilitate the sale or rental of properties for affordable housing. It allows municipalities and counties to establish land banks to acquire, hold, and transfer unimproved real property for affordable housing developments. The bill also creates a tax credit for projects converting shopping centers into affordable workforce housing. Additionally, it sets rules for property sales, including a 90-day waiting period for certain business entities to purchase single-family residential properties.