This bill proposes an increase in the annual transfer of funds from the real estate transfer tax to the affordable housing fund. Specifically, it amends RSA 78-B:13, III to change the amount transferred from $5,000,000 to $10,000,000. The transfer is to be directed by the commissioner to the state treasurer on or before October 1 each year, thereby enhancing the financial resources available for affordable housing initiatives. The fiscal impact of this bill indicates that while the Affordable Housing Fund will see an increase of $5,000,000 in revenue, this will result in a corresponding decrease in funds allocated to the General Fund and the Education Trust Fund. The estimated reductions are approximately $3,350,000 for the General Fund and $1,650,000 for the Education Trust Fund, reflecting the distribution of the real estate transfer tax revenue. The bill is set to take effect upon its passage.

Statutes affected:
Introduced: 78-B:13