AZ SB1117

Amends Arizona Revised Statutes section 42-11133 regarding tax exemptions for affordable rental housing properties.

Removes the cap limiting affordable housing projects to 200 units, allowing larger projects to qualify for the exemption.

Maintains existing requirements that properties be owned by qualified nonprofit corporations and financed through tax-exempt bonds, grants, or low-income housing tax credits.

Requires property owners to certify that rent restrictions are enforced through deed restrictions or regulatory agreements and that tax savings are used to maintain affordability or reduce rents for low-income households.