This bill proposes an increase in the annual real estate transfer tax revenue allocated to the affordable housing fund, amending RSA 78-B:13, III. The current transfer amount of $5,000,000 will be raised to $10,000,000, as indicated by the insertion of $10,000,000 and the deletion of $5,000,000. Additionally, the bill appropriates $25,000,000 from the General Fund to the New Hampshire Housing Finance Authority for the biennium ending June 30, 2027, to support the administration of affordable housing initiatives. The fiscal impact of this bill includes an estimated increase of $5,000,000 to the Affordable Housing Fund, while simultaneously resulting in a decrease of approximately $3,350,000 to the General Fund and $1,650,000 to the Education Trust Fund due to the reallocation of real estate transfer tax revenues. The bill also repeals RSA 204-C:59, I, which pertains to fees paid to the authority from the development of qualified residential rental projects. The act is set to take effect on July 1, 2025.

Statutes affected:
Introduced: 204-C:59