This bill amends the Education Equity and Property Tax Relief Act to establish permanent foundation education aid. It specifies the formula for calculating foundation education aid for each district, which includes a core instruction amount and an amount to support high-need students. The bill also requires the Department of Elementary and Secondary Education to develop and utilize a poverty measure to determine the amount of aid for high-need students. Additionally, the bill allows local education agencies to use a portion of the funds received to expand learning opportunities, and it requires the department to promulgate regulations to implement the purposes of the chapter.

The bill also amends the Low and Moderate Income Housing Act to index a community's receipt of permanent foundation education aid to its ability to meet low- and moderate-income housing goals. It establishes a five-year period for communities to meet the goal of a certain percentage of low- and moderate-income housing units. After the five-year period, communities that exceed the minimum goals will receive an increase in education aid. The bill requires the Division of Planning to certify the percentage and amount of low- and moderate-income housing in each municipality. This act would take effect on January 1, 2024.

Statutes affected:
254: 16-7.2-3