SB23-035 Summary

• Expands the Middle-Income Housing Authority board from fourteen to sixteen members by adding two nonvoting legislative representatives appointed by the Senate Majority Leader and House Majority Leader (or House Minority Leader if both leaders are from the same party)

• Authorizes the authority to enter into public-private partnerships to acquire, construct, finance, or operate affordable rental housing projects and allows private entities to participate in project development and operation

• Declares that public-private partnerships for affordable rental housing serve a public purpose and do not violate the state constitution's restrictions on public entities engaging in private enterprise

• Extends tax exemptions to the affordable rental housing component of public-private partnerships, including exemptions from income, property, and sales/use taxes, and requires the authority to notify county assessors of tax-exempt acquisitions and provide annual comprehensive lists

• Appropriates $3,774 to the legislative department for the 2023-24 fiscal year to implement the bill