ID H0633

Exempts low-income housing owned by nonprofit organizations from property taxes if the organization is incorporated as a nonprofit, holds 501(c)(3) tax-exempt status from the IRS, and does not allow proceeds to inure to individuals or for-profit entities.

Requires that 55% of units be rented to those earning 60% or less of county median income, 20% to those earning 50% or less, and 25% to those earning 30% or less of county median income.

Prohibits tenant evictions for three (3) months if inability to pay is due to a certified catastrophic event (serious medical condition or injury), excluding those who voluntarily leave the workforce.

Denies exemption if the project is financed after the effective date and federal or state funds can pay property taxes, if receiving federal project-based assistance, or if property generates federal tax credits until solely owned by a nonprofit.

Allows exemption for properties financed before the effective date due to undue hardship if financing depended on tax-exempt status and additional federal or state revenues are unavailable for property tax payments.