The proposal would loosen regulations on developments with rent affordable to households making 60% AMI or less.
A proposed Idaho state bill would allow counties to give affordable housing developers more tax breaks as part of an effort to spur more housing development.
According to an article by Mark Dee in Idaho Statesman, the bill, HB760, would give counties the ability to offer property tax exemptions “on developments with average rents affordable at 60% of a county’s area median income or less, provided a nonprofit group is involved.”
The proposal aims to rectify an existing law that allows counties to waive property taxes on affordable projects, which has restrictions that have prevented any builders from using it. “The proposed changes would allow for-profit businesses that partner with nonprofits to access the tax breaks ‘and take advantage of other federal financial incentives,’ according to the bill’s statement of purpose.” The bill would also loosen the definition of affordability, calling for rents affordable to households making an average of 60 percent AMI rather than using a more complicated state rubric.
FULL STORY: Could a tax break spur affordable housing? Idaho lawmakers bet it can
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Journal of the American Planning Association