Establishes tax exemptions for property used as affordable housing owned or operated by a social housing agency.

The bill establishes tax exemptions for property used as affordable housing owned or operated by a social housing agency. Qualifying grantees must record a covenant prohibiting use of the property for any purpose other than low-income housing for a specified period. The property must be used exclusively for the actual operation of the activity for which exemption is granted. The exemption applies to property used for housing for low-income persons and includes transfers between qualifying grantees within specified timelines.

Establishes tax exemptions for property used as affordable housing owned or operated by a social housing agency.

The bill establishes tax exemptions for property used as affordable housing owned or operated by a social housing agency. Qualifying grantees must record a covenant prohibiting use of the property for any purpose other than low-income housing for a specified period. The property must be used exclusively for the actual operation of the activity for which exemption is granted. The exemption applies to property used for housing for low-income persons and includes transfers between qualifying grantees within specified timelines.