HB 1416 Summary

• Amends the definition of "persons of moderate income" to clarify that local housing authorities determine eligibility based on income inadequacy without governmental assistance.

• Modifies bond liability provisions to clarify that housing authority bonds do not constitute indebtedness of cities, counties, or states unless a governing body explicitly pledges its general obligation.

• Allows governing bodies to pledge general obligations as additional bond security if pledged revenues equal or exceed 110 percent of annual principal and interest, bonds do not exceed 35-year maturity, and a public hearing is held 15-120 days before bond sale.

• Expands tax exemption to property used for low and moderate income housing (previously only low-income housing), exempting such property from state and political subdivision taxes except special assessments unless specifically exempted.

• Declares the act an emergency measure.