HB 4050 Summary

• Removes the $80,000 true cash value per unit cap that previously limited which existing structures could qualify as rehabilitated facilities in neighborhood enterprise zones.

• Maintains existing improvement cost thresholds: $5,000 minimum for owner-occupied units or 50% of true cash value (whichever is less), and $7,500 for non-owner-occupied units or 50% of true cash value (whichever is less), when improvements are done by licensed contractors.

• Maintains existing improvement cost thresholds for owner-performed improvements: $3,000 for owner-occupied units and $4,500 for non-owner-occupied units in materials costs.

• Allows individual condominium units in qualified historic buildings to be eligible as rehabilitated facilities under the neighborhood enterprise zone program.

• Expands the definition of rehabilitated facility to include existing or proposed condominium units in qualified historic buildings with multiple units.