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HI SB3312
Bill
Status
Introduced
1/30/2026
Primary Sponsor
Angus McKelvey
Click for details
AI Summary
- Establishes a "qualified conversion project" program administered by the Department of Business, Economic Development, and Tourism to convert vacant or underused commercial buildings (offices, commercial centers) into residential housing with at least 2 units
- Requires at least 50% of converted units be affordable housing: rentals for households at ≤80% area median income (with 15-year affordability period) or for-sale units at ≤120% AMI (with 30-year affordability period)
- Creates an income tax credit of up to 10% of development costs for certified qualified conversion projects, with the credit amount based on housing need, project impact, and percentage of affordable units
- Appropriates $10,000,000 for fiscal year 2026-2027 to establish and administer the program
- Takes effect July 1, 2026, with the tax credit applying to taxable years beginning after December 31, 2025
Legislative Description
Relating To Housing.
Appropriation ($)
Last Action
The committee on HOU deferred the measure.
2/10/2026
Committee Referrals
Housing2/2/2026
Full Bill Text
No bill text available