Nebraska LB988 amends the Community Development Law to redefine terms, change tax division provisions, and set limits on blighted area declarations.

Nebraska LB988 amends the Community Development Law by redefining terms such as "affordable housing," "blighted area," and "redevelopment project." It changes provisions for dividing ad valorem taxes in redevelopment projects, specifying how taxes are allocated between the state, local governments, and redevelopment funds. The bill sets limits on the declaration of blighted areas and the use of tax-increment financing, ensuring that such areas cannot be declared blighted twice within twenty years unless approved by the governing body.

Nebraska LB988 amends the Community Development Law to redefine terms, change tax division provisions, and set limits on blighted area declarations.

Nebraska LB988 amends the Community Development Law by redefining terms such as "affordable housing," "blighted area," and "redevelopment project." It changes provisions for dividing ad valorem taxes in redevelopment projects, specifying how taxes are allocated between the state, local governments, and redevelopment funds. The bill sets limits on the declaration of blighted areas and the use of tax-increment financing, ensuring that such areas cannot be declared blighted twice within twenty years unless approved by the governing body.