SB3931

SB3931 amends the Property Tax Code to increase the real estate transfer tax and establish the Community Housing Reintegration Fund for housing.

SB3931 amends the Property Tax Code to increase the real estate transfer tax from $0.50 to $0.75 per $500 of valuation. A portion of the proceeds from the tax will be deposited into the Community Housing Reintegration Fund, which aims to provide housing assistance to eligible persons transitioning out of long-term care settings or facing placement in such settings. The fund will be administered by the Department of Human Services and will operate similarly to the federal Section 8 Housing Choice Voucher program, ensuring beneficiaries pay no more than 30% of their income as housing costs.