Declaring affordable housing credits perpetual and urging counties to recognize them without expiration dates.

The bill declares the intent that affordable housing credits are perpetual and remain valid until redeemed. It requests the counties to recognize these credits without expiration dates. The bill emphasizes that these credits, once earned and issued in compliance with state law, constitute a vested right and a perpetual asset. It also urges memoranda of agreement between counties and housing development corporations to facilitate the efficient administration of the credits while avoiding provisions that would restrict their life, value, transferability, or utility.

Declaring affordable housing credits perpetual and urging counties to recognize them without expiration dates.

The bill declares the intent that affordable housing credits are perpetual and remain valid until redeemed. It requests the counties to recognize these credits without expiration dates. The bill emphasizes that these credits, once earned and issued in compliance with state law, constitute a vested right and a perpetual asset. It also urges memoranda of agreement between counties and housing development corporations to facilitate the efficient administration of the credits while avoiding provisions that would restrict their life, value, transferability, or utility.