HB 2629 Summary

• Establishes a Homeless Services Special Fund to receive 10% of conveyance tax collections and appropriations for homeless services and supportive housing programs administered by the Department of Human Services.

• Increases conveyance tax rates on properties valued over $600,000, with rates escalating up to 6% per $100 for properties valued at $26,000,000 or more; establishes separate tax rate schedules for multifamily residential properties and non-owner-occupied single-family homes.

• Creates new conveyance tax exemptions for properties conveyed to affordable housing organizations with perpetual affordability requirements, nonprofit conservation organizations, and individual owner-occupants or renter-occupants without other real property ownership interests.

• Allows counties with approved comprehensive affordable housing plans to apply for matching funds from the Affordable Homeownership Revolving Fund for projects subject to permanent affordability deed restrictions.

• Reallocates conveyance tax collections among housing and conservation funds: 8% to Land Conservation Fund, 38% to Rental Housing Revolving Fund, 8% each to Affordable Homeownership Fund, Homeless Services Fund, and Dwelling Unit Revolving Fund.