This bill proposes an amendment to RSA 78-B:13, III, which governs the distribution of funds from the real estate transfer tax. The key change is an increase in the annual transfer amount to the affordable housing fund from $5,000,000 to $10,000,000. The state treasurer is directed to execute this transfer 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 the increase in funding for the affordable housing fund will result in a total decrease of $5,000,000 in revenue for the General Fund and the Education Trust Fund. Specifically, the General Fund is expected to see a reduction of approximately $3,350,000, while the Education Trust Fund will decrease by about $1,650,000. This redistribution of funds aims to bolster affordable housing efforts while simultaneously impacting the financial resources available for other state programs. The bill is set to take effect upon its passage.

Statutes affected:
Introduced: 78-B:13