The bill amends the Local Economic Development Act to require qualifying entities to conduct a housing study before submitting applications for public support for economic development projects. This housing study must assess the housing demand created by new employment resulting from the project and cannot solely rely on a cost burden analysis. Additionally, the bill introduces new definitions, including "housing study," and modifies existing definitions to clarify the roles and responsibilities of local and regional governments, qualifying entities, and the types of public support available.

Furthermore, the bill mandates that the economic development plan or ordinance must include the requirement for the housing study, and the findings from this study must be included in the application for public support. The evaluation of applications will now also consider the findings of the housing study, alongside other factors such as the financial stability of the qualifying entity and a cost-benefit analysis of the project. These changes aim to ensure that economic development initiatives are aligned with housing needs in the affected communities.

Statutes affected:
introduced version: 5-10-6, 5-10-8, 5-10-9