This bill proposes several updates to current statutes regarding workforce housing and related tax exemptions. Under the new provisions, municipalities will be empowered to establish a workforce housing project expedited plan review and permitting process, which must include a dedicated point of contact for applicants, an initial plan review within twenty business days, and priority scheduling for inspections within seventy-two hours. Additionally, the bill defines "workforce housing" and "workforce housing project," ensuring that these projects are affordable for households earning no more than 150% of the area median income and are subject to affordability covenants for at least twenty years.

Furthermore, the bill lowers the population threshold required for municipalities to issue bonds for financing qualified projects from 7% to 3% of the total state population and expands the types of residential projects eligible for bond issuance. It also exempts the gross proceeds from the development of workforce housing projects from the state's portion of the prime contracting sales tax. The act will be cited as the "Workforce Housing Incentive Act" and will take effect twelve months after the general effective date.

Statutes affected:
Introduced Version: 9-461.21, 32-1130, 35-726, 41-3953, 42-5075, 32-1122, 35-706, 36-1471, 20-1801, 41-3957, 35-728, 41-4010, 13-3401, 36-1404
House Engrossed Version: 9-461.21, 35-726, 42-5075, 35-706, 36-1471, 20-1801, 41-3957