ID H0406

Expands eligible ownership structures for low-income housing property tax exemptions to include limited partnerships, limited liability companies, and single-purpose entities where a qualified nonprofit serves as general partner or managing member

Simplifies tenant income requirements: all units (except manager's unit) must be rented to tenants earning an average of 60% or less of area median gross income, replacing the previous tiered system requiring specific percentages at 30%, 50%, and 60% income levels

Requires annual certification to county assessors confirming compliance with low-income housing requirements; failure to submit results in loss of exemption for the following tax year

Exemption does not apply to properties with financing closed before July 1, 2025, or properties already housing tenants as of that date, unless undergoing rehabilitation under federal tax credit rules or already receiving the exemption

Declares an emergency with effective date of July 1, 2025