Bill Summary – FastDemocracy

LB881                                                                                       LB881
                                                                                       2024
                                     LEGISLATURE OF NEBRASKA
                               ONE HUNDRED EIGHTH LEGISLATURE
                                            SECOND SESSION
                              LEGISLATIVE BILL 881
        Introduced by Ballard, 21.
        Read first time January 03, 2024
        Committee: Urban Affairs
    A   BILL   FOR   AN   ACT    relating to   the Middle Income Workforce Housing
         Investment Act;     to amend section    81-1237,     Revised Statutes
         Supplement, 2023; to redefine a term; and to repeal the original
         section.
   Be it enacted by the people of the State of Nebraska,
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LB881                                                                                                 LB881
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        Section 1. Section 81-1237, Revised Statutes Supplement, 2023, is
    amended to read:
       81-1237        For purposes of    the Middle Income Workforce Housing
   Investment Act:
       (1) Department means the Department of Economic Development;
       (2) Director means the Director of Economic Development;
       (3)     Eligible activities of    a workforce housing investment fund
   means:
       (a) New construction of owner-occupied housing in a neighborhood and
    community with a demonstrated need for housing that is affordable and
   attractive to    first-time homebuyers,     middle-income families,          and the
   emerging workforce;
        (b)     Substantial repair or    rehabilitation of   dilapidated housing
    stock; or
        (c) Upper-story housing development for occupation by a homeowner;
       (4) HOME funds means funds awarded as formula grants under the HOME
   Investment Partnerships Program administered by   the United States
   Department of Housing and Urban Development;
       (5)     Matching funds means dollars contributed by     individuals,
   businesses, foundations, local and regional political subdivisions, or
    other nonprofit organizations to a workforce housing investment fund
    administered by a nonprofit development organization;
       (6) Nonprofit development organization means a regional or statewide
   nonprofit development organization approved by the director;
       (7)      Qualified activities include purchase guarantees,             loan
   guarantees, loan participations, and other credit enhancements related to
   eligible activities of the workforce housing investment fund;
       (8) Qualified investment means a cash investment in a workforce
   housing investment fund administered by     a nonprofit development
   organization;
       (9) Urban community means any area that is:
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LB881                                                                                                         LB881
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          (a)(i) (a) In a county with a population greater than one hundred
    thousand inhabitants as determined by the most recent federal decennial
    census; and
          (ii)    (b)(i)    Within or    adjacent to   a qualified census tract as
    described in 26 U.S.C. 42(d)(5)(B), as such section existed on January 1,
    2022; or
         (b) (ii) Within a city of the primary class or within a county in
   which a city of the primary class is located;
         (10) Workforce housing means:
         (a)    Owner-occupied housing units that cost not more than three
    hundred thirty thousand dollars to   construct.         For purposes of    this
    subdivision,      housing unit costs shall be    updated annually by     the
   department based upon the most recent increase or        decrease in    the
   Producer Price Index for all commodities, published by the United States
   Department of Labor, Bureau of Labor Statistics;
          (b) Owner-occupied housing units for which the cost to substantially
   rehabilitate such units exceeds fifty percent of     a unit's before-
   construction assessed value, and the after-construction appraised value
    of the building alone is    at least one hundred twenty-five thousand
    dollars but not more than two hundred seventy-five thousand dollars. For
    purposes of this subdivision, housing unit after-construction appraised
    value shall be updated annually by the department based upon the most
    recent increase or   decrease in    the Producer Price Index for all
    commodities, published by the United States Department of Labor, Bureau
    of Labor Statistics;
          (c) Upper-story housing for occupation by a homeowner; and
          (d)    Housing that does not receive federal or        state low-income
    housing tax credits, community development block grants, HOME funds, or
    funds from the Affordable Housing Trust Fund; and
          (11) Workforce housing investment fund means a fund that has been
   created by a nonprofit development organization and certified by the
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LB881                                                                                   LB881
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   director to   encourage development of    workforce housing in   urban
   communities.
        Sec.   2.    Original section    81-1237,   Revised Statutes Supplement,
    2023, is repealed.
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Statutes affected: 
Introduced: 81-1237