Amends the definition of affordable housing to create separate categories for housing using private or state financing as opposed to financing from the federal government.
Amends the definition of "low- and moderate-income housing" to include housing secured by a federal government voucher or subsidy, but only if the voucher or subsidy is applied prospectively.
Creates business tax credit for, eliminates sale tax on, eliminates income tax on the sale of, and creates a 10 year tax valuation freeze on newly renovated affordable housing.
Provides that only residential properties and new or rehabilitated residential affordable housing units would be subject to the tax under § 44-5-13.1 relating to taxation of low-income housing.
Provides that only residential properties and new or rehabilitated residential affordable housing units would be subject to the tax under § 44-5-13.1 relating to taxation of low-income housing.
Authorizes the department of housing to issue bonds in the amount of $50,000,000 with a maturity date not to exceed 20 years, to establish the housing production revolving fund, to promote the development of housing and ensuring more affordable housing.