The "Fair Chance for Everyone Housing Development Act" aims to tackle New Hampshire's housing shortage by establishing a framework that includes financing, tax credits, and municipal incentives to promote affordable housing. The bill creates a multi-stakeholder commission to explore leveraging the state's borrowing power for below-market financing and recommends a dedicated investment fund. It expands the community development finance authority's investment tax credit program, which will increase from FY 2026 to FY 2033 for housing projects. To fund these tax credits, a new luxury second home state assessment will be introduced, with proceeds directed to housing-related programs. The bill also appropriates $15 million to support training and apprenticeship programs in the building trades and provides municipalities with access to grants, loans, and expedited approvals to encourage housing production.

Additionally, the bill establishes two new funds within the state treasury: the Municipal Demolition Grant Program Fund and the Regional Planning Commission Housing Assessment Support Fund, both administered by the Department of Business and Economic Affairs. It introduces a Non-Homestead Property Assessment on residential properties valued over $1 million that are not primary residences, expected to generate over $31 million annually starting in FY 2028. The bill allocates significant funding for the Department of Revenue Administration to enhance operational capabilities, while also addressing ambiguities regarding fund allocations and tax credits. Although the bill does not delete any current legal language, it focuses on necessary insertions to facilitate these changes and funding allocations. Concerns have been raised about potential increased costs for municipalities due to expanded housing development, which may lead to higher demand for public services.

Statutes affected:
Introduced: 6:12
HB1786 text: 6:12