Expands sales and use tax deferral program to encourage redevelopment of underutilized property in urban areas.

The bill expands the sales and use tax deferral program to encourage redevelopment of underutilized property in urban areas, aiming to increase affordable housing and employment opportunities. Cities with populations between 135,000 and 275,000 can create a deferral program for investment projects in designated residential target areas. These areas must have a high number of underdeveloped, underutilized, and/or vacant properties. Investment projects must primarily be for multifamily housing units, with at least 50% of units offered as affordable housing to low or moderate-income households.

Expands sales and use tax deferral program to encourage redevelopment of underutilized property in urban areas.

The bill expands the sales and use tax deferral program to encourage redevelopment of underutilized property in urban areas, aiming to increase affordable housing and employment opportunities. Cities with populations between 135,000 and 275,000 can create a deferral program for investment projects in designated residential target areas. These areas must have a high number of underdeveloped, underutilized, and/or vacant properties. Investment projects must primarily be for multifamily housing units, with at least 50% of units offered as affordable housing to low or moderate-income households.