Restores public housing by modifying tax exemptions and funding for housing authorities.

The bill amends the tax status of real property owned by housing authorities, their controlled entities, or designated private entities. It exempts income-restricted units from taxation, betterments, and special assessments, while requiring real estate taxes on non-exempt portions. The bill also allows housing authorities to secure indebtedness for preservation and maintenance using a portion of capital funds, subject to certain conditions. The proceeds from the sale of housing projects are to be retained for preservation, modernization, and maintenance of public housing.

Restores public housing by modifying tax exemptions and funding for housing authorities.

The bill amends the tax status of real property owned by housing authorities, their controlled entities, or designated private entities. It exempts income-restricted units from taxation, betterments, and special assessments, while requiring real estate taxes on non-exempt portions. The bill also allows housing authorities to secure indebtedness for preservation and maintenance using a portion of capital funds, subject to certain conditions. The proceeds from the sale of housing projects are to be retained for preservation, modernization, and maintenance of public housing.