This bill amends the Local Option Municipal Economic Development Act by redefining terms and expanding the scope of economic development programs to include the construction or rehabilitation of housing in cities of the metropolitan and primary class. Specifically, it allows for grants, loans, or funds for housing aimed at low or moderate-income individuals, as part of workforce housing plans or affordable housing action plans. The bill also clarifies that economic development programs can be conducted jointly by multiple cities with voter approval.

Additionally, the bill updates the definition of a "qualifying business" to include those that derive their principal income from the construction or rehabilitation of housing and early childhood care and education programs, particularly in cities of the first and second class, as well as villages. It maintains that a qualifying business does not need to be located within the city from which it receives financial assistance, and it excludes governmental entities from this classification, except for specific rural infrastructure development provisions. The original sections of the law being amended are repealed.

Statutes affected:
Introduced: 18-2705, 18-2709