STATEMENT OF PURPOSE
RS29616 / H0813
This legislation proposes a real estate investment fee (REIF) to provide essential worker / workforce housing
for resort cities. The legislation does the following: Provides a fee for high cost resort cities to address rising
worker housing costs; The fee is capped at 1% and may be lower, depending on the resort city need; The fee is
divided between the buyer and seller and is paid to the title company at closing; The title company will forward
the revenues from the REIF to the resort city; The resort city will place the revenues in a designated account,
Housing Trust Fund; Exemptions are defined, including an exemption for the first $125,000 of the sales price
and tied to future changes in the homeowner exemption, 63-302G; An essential worker is defined as one of a
group of local workers that work in areas that are essential to the public well-being and may include police,
fire fighters, healthcare, food service and education workers and/ or workforce housing eligibles as defined by
income; The resort city must state in the ballot language the duration of the fee requirement; A 60% approval
of voters to be held on an approved election date is required.
FISCAL NOTE
There is no impact on the General Fund
Contact:
Representative Clark Kauffman
(208) 332-1000
Grant Burgoyne, Senator
(208) 334-1000
Dewayne Briscoe
(208) 720-9546
Wendy Jaquet
(208) 720-0968
DISCLAIMER: This statement of purpose and fiscal note are a mere attachment to this bill and prepared by a proponent
of the bill. It is neither intended as an expression of legislative intent nor intended for any use outside of the legislative
process, including judicial review (Joint Rule 18).
Statement of Purpose / Fiscal Note Bill SOP/FN INTRODUCED: 03/24/2022, 8:53 AM


Statutes affected:
Bill Text: 55-805