The bill amends section 18-2147 of the Revised Statutes Cumulative Supplement, 2024, to update the notice provisions related to the division of ad valorem taxes in redevelopment projects. It specifies that all notices regarding the division of these taxes must be sent by the authority to the county assessor using prescribed forms by July 1 of the year the provision takes effect. The bill also clarifies that if the notice requirement is not met, the taxes will remain undivided and be allocated to the respective public bodies. Additionally, it establishes that the redevelopment project valuation for any remaining division of taxes will be based on the last certified valuation prior to the effective date of the tax division.

Furthermore, the bill introduces provisions for redevelopment plans in metropolitan cities that allocate funds for housing projects aimed at low-income households. It mandates that at least thirty percent of such funds be directed towards single-family housing projects related to the redevelopment plan. The bill emphasizes the importance of prioritizing financially viable projects that serve low-income occupants for extended periods. The original section 18-2147 is repealed, and the act is declared to take effect immediately due to the existence of an emergency.

Statutes affected:
Introduced: 18-2147
Final Reading: 18-2147
Slip Law: 18-2147