H.B. 2330 Summary

• Extends the general excise tax exemption for affordable rental housing development costs from June 30, 2022 to June 30, 2026, and applies to projects certified or approved after June 30, 2026.

• Removes the $7,000,000 annual aggregate cap on allowable general excise and use tax costs for contracting related to affordable rental housing projects.

• Expands exemption eligibility to include substantially rehabilitated projects in addition to newly constructed projects.

• Requires that at least 50% of units serve households earning at or below 80% of area median family income, with at least 20% serving households at or below 60% of area median family income.

• Prohibits owners from refusing to lease units solely because applicants hold Section 8 housing vouchers or certificates of eligibility under the federal Housing Act of 1937.