IN SB0566

Legislative Description

Residential tax increment financing. Permits a redevelopment commission to establish a program for residential housing development and a tax increment funding allocation area for the program if the average of new, residential houses constructed in the county or municipality in the preceding three years is less than 1% of the total number of residential houses in the county or municipality. Requires the department of local government finance, in cooperation with appropriate county and municipal agencies, to determine eligibility for the program. Provides that a program may not take effect until the governing body of each school corporation affected by the program passes a resolution approving the program. Defines "residential housing" as housing or workforce housing that consists of single family dwelling units sufficient to secure quality housing in reasonable proximity to employment.

Last Action

Committee Referrals