ID H0329

Expands property ownership structure eligibility to include corporations qualified under IRC sections 501(c)(3) or 501(c)(4), limited partnerships, and limited liability companies with eligible nonprofit general partners or managing members

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

Prohibits tenant eviction for inability to pay rent for three months when caused by a certified catastrophic medical event or injury

Exemption does not apply to properties financed after the effective date if federal or state funds can pay property taxes, or to properties receiving federal project-based assistance under 42 U.S.C. sections 1437f

Exempted properties are excluded from new construction assessment rolls prepared by county assessors, with effective date of July 1, 2023