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 introduces new definitions and conditions, such as allowing properties to be owned by limited partnerships or single-purpose entities, and mandates that tenants cannot 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 based on their income levels, and requires annual compliance certification from property owners.

The bill also includes provisions that clarify the exemption's applicability, stating that it does not apply to properties already financed or in service as of July 1, 2025, unless they are being rehabilitated or already receiving the exemption. Furthermore, it introduces a new clause that exempts properties from being included on new construction rolls prepared by county assessors. The act declares an emergency, making it effective on July 1, 2025.

Statutes affected:
Bill Text: 63-602GG