This bill amends section 18-2147 of the Revised Statutes Cumulative Supplement, 2024, to modify the notice provisions related to the division of ad valorem taxes in redevelopment projects. The bill specifies that all notices regarding the division of these taxes must be sent by the authority to the county assessor using prescribed forms, with the deadline for sending such notices changed from August 1 to July 1 of the year the provision becomes effective. Additionally, it establishes that failure to meet this notice requirement will result in the taxes remaining undivided and being allocated to the respective public bodies, while the redevelopment project valuation will be based on the last certified valuation from the year prior to the effective date.

Furthermore, the bill emphasizes the importance of allocating funds from redevelopment plans to support housing for low-income households, particularly those located near public transportation. It mandates that at least thirty percent of the funds generated from such redevelopment plans be directed towards single-family housing projects that serve the lowest income occupants for extended periods. The bill also outlines the duration for which ad valorem taxes can be divided based on the classification of the redevelopment area, with a maximum of twenty years for extremely blighted areas and fifteen years for others. The original section 18-2147 is repealed, and the act is declared to take effect immediately due to the existence of an emergency.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