Loading chat...
OH HB487
Bill
Status
4/13/2010
Primary Sponsor
Mike Foley
Click for details
AI Summary
-
Increases the maximum real property transfer tax rate from 30 cents to 40 cents per $100 of property value in Ohio counties.
-
Requires creation of a county housing trust fund when a county levies the transfer tax at a rate exceeding 30 cents per $100 of value.
-
Directs all revenue from the tax in excess of 30 cents per $100 to the county housing trust fund for affordable housing purposes, including debt service on housing-related obligations.
-
Establishes that housing trust fund boards must have a majority of members from low-income populations or organizations serving affordable housing, with authority to set grant criteria and eligible program categories.
-
Allows county boards of commissioners to grant housing trust fund money to townships, municipalities, nonprofit housing organizations, and other governmental authorities for housing provision and assistance programs.
Legislative Description
To authorize an increase in the real property transfer tax up to $4 per $1000 of value, and to require that any revenue from the tax in excess of $3 per $1000 of value be used by the county for providing housing.
Real property transfer tax-authorize increase/use excess to provide housing
Last Action
To Ways & Means
4/13/2010