The bill amends section 18-2147 of the Revised Statutes Cumulative Supplement, 2024, concerning the Community Development Law, specifically focusing on the notice provisions related to the division of ad valorem taxes in redevelopment projects. Key changes include the requirement that all notices regarding the division of ad valorem taxes must be sent by the authority to the county assessor by July 1 of the year the provision takes effect, replacing the previous deadline of August 1. Additionally, if the notice requirement is not met, the taxes for the affected years will remain undivided and allocated to the respective public bodies.

Furthermore, the bill establishes that for redevelopment plans in cities of the metropolitan class, a portion of the funds generated from the division of taxes must be allocated to housing projects for low-income households, with a target of at least thirty percent of such funds directed towards single-family housing. The bill also clarifies the duration for which ad valorem taxes can be divided, allowing for a maximum of twenty years for extremely blighted areas and fifteen years for other redevelopment plans. The original section 18-2147 is repealed, and the act is declared to take effect immediately due to the existence of an emergency.

Statutes affected:
Introduced: 18-2147
Final Reading: 18-2147
Slip Law: 18-2147