Substitute Senate Bill No. 6 (sSB6 File No. 92) is a comprehensive piece of legislation that addresses various aspects of housing in the state. The bill establishes the Housing Growth Fund, which will be administered by the Commissioner of Economic and Community Development and will allocate $50 million annually to provide grants to municipalities. These grants are intended to increase the availability of affordable housing and promote housing for low and moderate-income families, especially in areas near transit facilities. The bill also introduces a system for calculating a housing growth score for each municipality, which will determine their eligibility for grant funding. Municipalities must submit documentation to be eligible, and the Commissioner will award grants based on the municipality's score relative to the total state-wide score.

Additionally, the bill sets up a tax credit voucher program managed by the Department of Housing (DOH) for owners who convert commercial buildings into residential developments. Owners can receive a tax credit voucher equivalent to the lesser of the reserved tax credit or 10% of the actual qualified conversion expenditures, with a cap of $30,000 per dwelling unit or $50,000 per unit for nonprofit owners. The bill also modifies the state real estate conveyance tax rates, imposing higher rates for non-residential real estate and tiered rates for residential real estate transactions over $800,000. Furthermore, the bill exempts certain workforce and affordable housing from property tax and allows housing authorities to operate outside their municipal boundaries with approval. The bill includes provisions for DOH to study the impacts of allowing landlords to accept advance rental payments and to take actions related to the administration of the Rental Assistance Program and other housing voucher programs. The bill's effective date is primarily set for October 1, 2024, with various sections being new or amended as indicated by insertions and deletions.

Statutes affected:
Committee Bill: 4-66o, 8-39, 8-40, 8-44b, 8-50, 8-45a, 8-389, 8-113a, 8-116d, 8-119h, 8-119l
HSG Joint Favorable Substitute: 4-66o, 8-39, 8-40, 8-44b, 8-50, 8-45a, 8-389, 8-113a, 8-116d, 8-119h, 8-119l
File No. 92: 4-66o, 8-39, 8-40, 8-44b, 8-50, 8-45a, 8-389, 8-113a, 8-116d, 8-119h, 8-119l