Loading chat...
IN SB0191
Bill
AI Summary
-
Expands eligibility for historic preservation grants to include nonprofit organizations and nonprofit corporations, which may use the property for their organizational purposes and functions.
-
Increases the maximum grant amount from 35% to 50% of qualified expenditures, while maintaining the $100,000 cap.
-
Lowers the minimum qualified expenditure threshold from $10,000 to $5,000 to qualify for a grant.
-
Exempts nonprofit organizations facilitating qualified affordable housing projects from the requirement that the historic property be owned by the applicant.
-
Effective July 1, 2019.
Legislative Description
Historic preservation and rehabilitation grants. Provides that for purposes of the historic preservation and rehabilitation grant program, the term "person" includes a nonprofit organization or nonprofit corporation. Provides that the office of community and rural affairs may award a grant under the program to a nonprofit organization or nonprofit corporation if the historic property will be used by the nonprofit organization or nonprofit corporation for the organization's or corporation's purposes and functions. Increases the maximum amount of a preservation or rehabilitation grant (grant) from 35% to 50% of qualified expenditures, not to exceed the grant ceiling in current law of $100,000. Provides that a person is eligible for a grant if the qualified expenditures for preserving or rehabilitating the historic property exceed $5,000 (instead of $10,000).
Last Action
Public Law 16
4/10/2019