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 demand for housing resulting from new employment opportunities created by the project and cannot solely rely on a cost burden analysis. Additionally, the bill introduces new definitions, including "housing study," and specifies that the economic development plan must include a requirement for this study.

Furthermore, the bill outlines that the application for public support must include the findings of the housing study, along with other necessary information as determined by the local or regional government. The evaluation of applications will now also consider the findings of the housing study, alongside 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