DE SB87

Clarifies exemption from realty transfer tax for 501(c)(3) organizations providing owner-occupied housing to low and moderate income households through rehabilitating and reselling properties or constructing and reselling properties without profit.

Exempts any portion of a conveyance where the grantee intends to construct affordable housing units (defined as housing for households with income not exceeding 80% of median area income) and the conveyance is financed by federal, state, county, or municipal funding for affordable housing.

Exempts any portion of a conveyance financed through the federal Low Income Housing Tax Credit program.

Clarifies that individuals qualify as first-time homebuyers when they intend to occupy a newly constructed residence as their principal residence within 90 days of securing the certificate of occupancy.

Corrects grammatical language in the first-time homebuyer definition for joint tenants or cotenants by replacing "none" with "neither" for consistency.