HB 2610
Initials VP Page 1 Transmitted
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-fifth Legislature
Second Regular Session
House: NREW DP 12-0-0-0 | 3rd Read 57-1-2-0
Senate: FIN DPA/SE 6-2-2-0 | 3rd Read 25-1-4-0
Final Pass: 34-19-7-0
HB 2610: G&F; permits; tags; transfers
S/E: project unit size; affordable housing
Sponsor: Representative Burges, LD 1
Transmitted to the Governor
Overview
Removes the 200-unit cap for an affordable rental housing project to qualify for a property tax
exemption.
History
Statute exempts, for property tax purposes, property that is used exclusively for affordable rental
housing as prescribed by the Low-Income Housing Tax Credit (LIHTC) program or another
recorded restrictive covenant imposed by financing for affordable housing and related facilities.
An affordable housing rental property is exempt from property tax if the property does not exceed
200 units, is owned and operated by an eligible nonprofit corporation or a limited partnership or
limited liability company in partnership with or managed by an eligible nonprofit corporation,
maintains a restricted rent amount that does not exceed the amount prescribed by deed
restrictions or regulatory agreements pursuant to the property's financing or financial assistance
terms and is either: 1) financed with tax-exempt mortgage revenue bonds or general obligation
bonds or by local, state or federal loans or grants; or 2) eligible for and receives LIHTCs. The
owner of a tax-exempt property must certify that the monies that would have been used for
property tax are used to maintain the affordability of the units occupied by low-income households
(A.R.S. § 42-11133)
Provisions
1. Removes the 200-unit cap to qualify for the property tax exemption. (Sec. 1)
2. Makes technical changes. (Sec. 1)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note