The bill amends the State Housing Development Authority Act of 1966 by updating Section 22 and adding a new Section 22e, which grants the authority various powers necessary for its functions, such as the ability to sue, make contracts, conduct housing studies, and engage in research. It allows the authority to establish fees and charges for its services, clarifies its ability to acquire property, provide loans, and set standards for housing projects while ensuring compliance with local zoning and building ordinances. Key changes include replacing "shall" with "must" to emphasize the authority's obligations and modifying language regarding the approval of articles of incorporation and partnership agreements for housing corporations.

Additionally, the bill introduces a housing opportunity tax credit program to encourage the development of qualified housing projects, with a starting cap of $42 million for the 2027 award cycle, subject to adjustments based on the Consumer Price Index. It defines key terms related to low-income housing tax credits and qualified projects, specifying that a "qualified project" is a low-income building eligible for federal tax credits placed in service after January 1, 2027. The bill also outlines the criteria for "qualified taxpayers" and emphasizes the importance of these definitions in facilitating affordable housing development. The enactment of this bill is contingent upon the passage of two other specified bills from the 103rd Legislature.

Statutes affected:
House Introduced Bill: 125.1422