The proposed bill establishes the Housing Opportunity Project Extension (HOPE) Act, aimed at incentivizing New Hampshire counties and municipalities to develop affordable workforce housing. It allows for the creation of housing opportunity zones where various types of residential units, including multifamily homes, condominiums, and single-family homes, can be built. The bill mandates that homes be owner-occupied, with restrictions preventing real estate investment trusts from purchasing and renting units. Additionally, it outlines design requirements to foster community interaction and specifies that counties or municipalities will manage the development process. The act also includes provisions for state support, offering $20 million in grants for infrastructure development, with specific limits on funding per municipality and county.

Key provisions of the bill include exemptions from real estate transfer taxes for the first property transfer from developer to owner and exemptions from current-use taxes for parcels exceeding 10 acres. The bill emphasizes the need for a minimum number of housing units in eligible projects and allows for various construction methods. However, it does not provide a designated funding source or appropriations for the program, leading to indeterminable impacts on state, county, and local revenues and expenditures. The act is set to take effect 60 days after its passage.