Increases building aid ratio for school districts in qualifying municipalities by five percentage points.
The bill amends the education law to increase the approved building aid ratio for eligible capital construction projects in school districts located wholly or partially within qualifying municipalities. A qualifying municipality is defined as one that meets certain transit-oriented development or housing growth benchmarks. The enhanced building aid applies only to projects approved after the effective date of the bill and cannot cause a district's total building aid ratio to exceed ninety-eight percent.
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