92nd General Assembly
Summary of HB3775
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House Sponsors:
KENNER-MCKEON-COLVIN-GILES.

Senate Sponsors:
PETERSON-OBAMA-LIGHTFORD

Short description: 
PROP TAX-ABATEMENT-TECH                                                    

Synopsis of Bill as introduced:
        Amends the Property Tax Code.  Makes  a  technical  change  in  a      
   Section concerning leased low-rent housing abatement.                       
        HOUSE AMENDMENT NO. 1.                                                 
        Deletes everything after the enacting clause. Amends the Property      
   Tax Code with respect to leased low-rent housing abatements.  Provides      
   that,  to  be  eligible  for  a leased low-rent housing abatement, the      
   property must (i) not be exempt under the Code  as  housing  authority      
   property  (new  requirement);  (ii) be subject to a leasing agreement,      
   regulatory and operating agreement, or  similar instrument with a           
   housing authority that sets  forth  the  terms  for  leasing  low-rent      
   housing (now, consist of 6 units or more leased to a housing authority      
   for  low-rent  housing  and  related  uses);  and (iii) be used, for a      
   period of 20 years, solely for low-rent housing and related uses (same      
   as current law). Provides that the certificate of the  property's  use      
   during  the  immediately  preceding  year  required to be filed by the      
   housing authority shall certify that the  eligible  residential  units      
   have  been  inspected  within  the  previous  90  days (now, 60 days).      
   Provides  that,  if  the  property  is  improved  with   an   eligible      
   multifamily   dwelling   or   multi-building   development  containing      
   residential units, a certification of eligibility may be filed for  no      
   more  than  40%  (now, one-third) of those residential units. Provides      
   that if property receives an abatement  under  these  provisions,  the      
   rental  rate  set under the lease, regulatory and operating agreement,      
   or other similar  instrument  for  that  property  shall  not  include      
   property  taxes (now, if a housing authority is the lessee of property      
   that is eligible for an abatement under these  provisions,  the  lease      
   shall  reflect  a  reduction  in payments due under the lease from the      
   housing authority in the full amount  of  the  abatement).   Effective      
   immediately.                                                                
 
Last action on Bill: PUBLIC ACT.............................. 92-0621

   Last action date: JUL-11-2002

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


   END OF INQUIRY 



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