This bill amends section 18-2147 of the Revised Statutes Supplement, 2025, concerning the Community Development Law, specifically addressing the division of ad valorem taxes in redevelopment projects. The bill introduces a new requirement for the authority to send notices to the county assessor regarding the division of ad valorem taxes by July 2 of the year the provision becomes effective, replacing the previous deadline of July 1. Failure to meet this notice requirement will result in the taxes remaining undivided and being allocated to the respective public bodies.

Additionally, the bill outlines the conditions under which ad valorem taxes can be divided, including provisions for redevelopment plans in metropolitan cities that support housing for low-income households. It emphasizes the importance of allocating a minimum of thirty percent of available funds to single-family housing projects related to the redevelopment plan. The bill also specifies the duration for which ad valorem taxes can be divided, with a maximum of twenty years for extremely blighted areas and fifteen years for other redevelopment plans. The original section 18-2147 is repealed as part of this legislative update.

Statutes affected:
Introduced: 18-2147