SB6256 provides tax exemptions for unoccupied property used for affordable housing owned by a nonprofit entity.

SB6256 amends the tax code to exempt property used for affordable housing from property tax if owned by a nonprofit entity. The exemption applies if the property is used to provide rental housing for qualifying households or space for mobile homes in a park. To qualify, at least 75% of the units must be occupied by households with income at or below 50% of the median income. The exemption also applies to unoccupied property if it will be used for the exempt purpose within three years.

SB6256 provides tax exemptions for unoccupied property used for affordable housing owned by a nonprofit entity.

SB6256 amends the tax code to exempt property used for affordable housing from property tax if owned by a nonprofit entity. The exemption applies if the property is used to provide rental housing for qualifying households or space for mobile homes in a park. To qualify, at least 75% of the units must be occupied by households with income at or below 50% of the median income. The exemption also applies to unoccupied property if it will be used for the exempt purpose within three years.