SB 998 Summary

• Conservation Easement Tax Abatement: Municipalities may establish ordinances to abate property taxes on terrestrial recreational trails subject to permanent conservation restrictions, with municipal legislative approval required for each abatement.

• Tenant Protections: Establishes preoccupancy walk-through checklists documenting unit conditions, prohibits move-in/move-out fees and application processing fees, limits late charges to $5/day (max $50) or 5% of delinquent rent, and mandates 9-day grace period before eviction for non-payment.

• Workforce Housing Development: Creates tax credit programs and property tax exemptions (up to 70% for 7 years) for workforce housing projects in opportunity zones serving market-rate, workforce, and very-low-income households; establishes fair share affordable housing allocation methodology by December 1, 2024.

• Affordable Housing Support: Expands security deposit guarantee program to individuals earning up to 60% of median income and those facing eviction; increases deed transfer tax on residential estates over $2.5M to 2.25% with surplus revenue going to Housing Trust Fund starting July 1, 2025.

• Housing Authority & Administrative Changes: Requires housing authority commissioners training, mandates common rental applications, establishes Office of Responsible Growth, and creates majority leaders' roundtable on affordable housing to study policies, state property conversion, and commercial-to-residential conversions.