This bill amends Section 63-602GG of the Idaho Code to revise the property tax exemption provisions for low-income housing owned by nonprofit organizations. It establishes that such properties are exempt from taxation if they meet specific criteria, including ownership and operational requirements by qualified nonprofit organizations. The bill clarifies that the property must be owned and operated by a qualified nonprofit or a related entity, and it introduces a new requirement for tenants to not be evicted for three months due to inability to pay rent caused by a catastrophic event. Additionally, it specifies that a certain percentage of housing units must be dedicated to low-income tenants, with compliance certifications required annually.

The bill also includes provisions that limit the exemption for properties that have already closed financing or are in service as of July 1, 2025, unless they are being rehabilitated or already receiving the exemption. It removes previous language regarding financing and federal assistance that could disqualify properties from the exemption. Furthermore, it establishes that properties exempted under this section will not be included in new construction rolls prepared by county assessors. The act is set to take effect on July 1, 2025, due to an emergency declaration.

Statutes affected:
Bill Text: 63-602GG