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 new legal language specifies that the amount transferred will increase from $5,000,000 to $10,000,000 annually, effective on or before October 1. 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 bill also includes a repeal of RSA 204-C:59, I, which pertains to fees paid to the authority from the development of qualified residential rental projects. The fiscal impact of this legislation indicates that the increased transfer to the affordable housing fund will result in a decrease of approximately $5,000,000 in revenue for both the General Fund and the Education Trust Fund, with estimated reductions of $3,350,000 and $1,650,000, respectively. The act is set to take effect on July 1, 2025.

Statutes affected:
Introduced: 204-C:59