This bill amends several sections of Nebraska's revenue and taxation laws, specifically focusing on the Affordable Housing Trust Fund, the Rural Workforce Housing Investment Fund, and the Middle Income Workforce Housing Investment Fund. Key changes include the establishment of new funding sources for these funds, such as revenue from the documentary stamp tax, which is adjusted to a rate of three dollars and eighty-two cents per one thousand dollars of property value, up from two dollars and thirty-two cents. The bill also removes provisions that allowed transfers from the Affordable Housing Trust Fund to various other funds, thereby streamlining the allocation of resources to support affordable housing initiatives.

Additionally, the bill mandates that any funds held in the Rural Workforce Housing Investment Fund and the Middle Income Workforce Housing Investment Fund will be transferred to the General Fund after specified dates (July 1, 2027, and July 1, 2029, respectively). The Department of Economic Development will administer these funds and is encouraged to seek additional private or nonstate funding. The bill aims to enhance the state's housing affordability strategy by ensuring that funds are effectively utilized for their intended purposes and by establishing clearer guidelines for the management and disbursement of these resources.

Statutes affected:
Introduced: 58-703, 76-901, 76-903, 77-1327, 81-1230, 81-1239