SB 1300 Summary

• Amends property tax exemption eligibility for affordable rental housing to include properties financed with restrictive covenants for affordable housing, not just those using internal revenue code section 42 financing.

• Expands eligible property owners to include limited liability companies managed by eligible nonprofit corporations, single-purpose entities wholly owned by nonprofit corporations, and clarifies language for limited partnerships.

• Removes assisted living facilities for low-income elderly residents as a standalone exemption category and consolidates exemption criteria to require either tax-exempt bond/grant financing or federal low-income housing tax credits.

• Requires that rent amounts be restricted by deed restrictions or regulatory agreements tied to the property's financing or financial assistance terms, ensuring affordability restrictions are enforceable.

• Defines "eligible nonprofit corporation" as organizations qualified under Internal Revenue Code sections 501(c)(3) or 501(c)(4) with affordable housing as one of their exempt purposes.