The bill aims to establish a method for the fair and equitable valuation of real property used for affordable housing in Arkansas. It emphasizes the importance of assessing all housing properties, particularly those with federally or state-imposed restrictions related to rent limitations or operational requirements. The Assessment Coordination Division is tasked with creating rules and guidelines to ensure that properties eligible for income tax credits, constructed with HUD HOME Investment Partnerships Program funds, or developed with USDA incentives are assessed fairly.

Additionally, the bill outlines a timeline for the Assessment Coordination Division to adopt and file these rules with the Secretary of State by January 1, 2026, or as soon as practicable after necessary approvals. This legislative intent is to ensure that affordable housing is valued appropriately, promoting equitable access to housing resources in the state.

Statutes affected:
Old version HB1894 V2 - 4-8-2025 09:48 AM: 26-26-1202
Old version HB1894 Original - 3-31-2025 08:19 AM: 26-26-1202
HB 1894: 26-26-1202
Act 842: 26-26-1202