This bill modifies provisions regarding the Housing and Transit Reinvestment Zone Act.
This bill:
- modifies definitions;
- amends the median gross income for a certain percentage of proposed dwelling units within the housing and transit reinvestment zone to the county median gross income for households of the same size;
- clarifies that the collection of a tax increment for a housing and transit reinvestment zone project may be triggered no more than three times per project;
- modifies provisions related to transit reinvestment zones within certain transit stations or hubs;
- modifies the requirement that a proposal for a transit reinvestment zone includes a mix of dwelling units with at least 25% of the dwelling units having more than one bedroom;
- amends the date by which a tax increment collection notice is sent to certain entities to no later than December 31 of the year before the year tax increment is to take place;
- requires the base year to be updated in certain circumstances regarding existing community reinvestment projects; and
- makes technical and conforming changes.
Recommended by: Economic Development and Workforce Services Interim Committee

Statutes affected:
Introduced: 63N-3-602, 63N-3-603
Substitute #1: 63N-3-602, 63N-3-603, 63N-3-608