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Relating to the allocation of housing tax credits to developments
within proximate geographical areas.
No fiscal implication to the State is anticipated
HB 1295 would allow a municipality or county to issue more than one housing tax credit to a developer for low-income housing units when at least one of the developments would be located wholly within a census tract where property value has increased by more than 15% within the preceding five years or the municipality or county authorizes an allocation of housing tax credits for the development.
HB 1295 violates the principles of limited government and the free market. The express intent of HB 1295 is to remove the applicability of the two-mile development limitation to increase the allocation of low-income housing tax credits for affordable housing developments. Because this bill would expand the inequitable application of the law by allowing more preferential treatment and would increase market distortions caused by low-income housing tax credits, we oppose HB 1295.