Establishes new rules for multifamily and mixed-use residential developments.
Authorizes multifamily and mixed-use residential developments in commercial, industrial, or mixed-use zones if at least 40% of residential units are affordable for 30 years. Requires political subdivisions to consider reducing parking requirements for developments within half a mile of public transit. Exempts certain multifamily developments from zoning or land use changes. Requires at least 65% of mixed-use residential projects to be residential. Exempts qualified property used for affordable housing from ad valorem property taxes. Applies beginning with tax year 2027.
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