This legislative bill amends several sections of the Nebraska Revised Statutes to modify the disbursement of the documentary stamp tax and the funding mechanisms for various trust funds, including the Affordable Housing Trust Fund, the Homeless Shelter Assistance Trust Fund, the Behavioral Health Services Fund, and the Site and Building Development Fund. Key changes include the removal of specific language regarding the sources of revenue for these funds, allowing for a broader range of funding sources such as grants and private contributions. Additionally, the bill introduces new provisions for the Behavioral Health Services Fund to provide housing-related assistance for very low-income adults with serious mental illness, while also allowing for the distribution of excess funds to regional behavioral health authorities for housing acquisition or rehabilitation.

The bill also outlines the responsibilities of the Department of Economic Development in administering these funds and requires the department to submit an annual status report detailing the activities and financials related to the Affordable Housing Trust Fund. Furthermore, it establishes an intent to transfer funds from the General Fund to the Site and Building Development Fund for specific fiscal years, earmarking these funds for large commercial and industrial site development. The act is set to become operative on October 1, 2025, and repeals the original sections of the statutes that are being amended.

Statutes affected:
Introduced: 58-703, 58-711, 68-1604, 71-812, 76-903