Relating to the requirements for applications for low income housing tax credits for certain developments financed through the private activity bond program.
One of the key changes stipulates that before any housing tax credit applications can be approved, the respective governing bodies must submit a certified resolution stating that public notice has been provided and that the governing bodies have had the opportunity to review and respond to any concerns raised by the public concerning the proposed development. This change is aimed at enhancing transparency and ensuring that local stakeholders have a voice in the decision-making process.
House Bill 627 aims to amend the requirements for applications related to low income housing tax credits specifically for developments that are financed through the private activity bond program. The bill requires that counties with populations of at least 1.2 million and municipalities with populations of 600,000 or more conduct public hearings to gather comments on the applications. This demonstrates a shift towards increased community involvement in the approval process for housing developments that are subsidized through state-sanctioned tax credits.
Overall, HB 627 seeks to balance the need for low income housing with the necessity of public input and local government oversight. However, the specific timelines and procedural structures set forth in the bill also suggest an operational challenge for local governments that may not have the resources to address applications promptly. As the bill progresses, its implications on local governance and community engagement will likely be points of significant debate.
An important provision within the bill is that if the governing body does not hold a hearing or pass a resolution expressing any objections within 90 days of receiving notice of the application, the board may proceed to approve the housing tax credit application. This could potentially raise concerns among critics who fear that it may undermine the significance of public hearings by allowing developments to advance without active participation from local governments if they do not act within the specified timeframe.