PREPARED BY: Clinton Verner
LB 626 DATE PREPARED: February 20, 2025
PHONE: 402-471-0056
Revision: 00
FISCAL NOTE
LEGISLATIVE FISCAL ANALYST ESTIMATE
ESTIMATE OF FISCAL IMPACT – STATE AGENCIES (See narrative for political subdivision estimates)
FY 2025-26 FY 2026-27
EXPENDITURES REVENUE EXPENDITURES REVENUE
GENERAL FUNDS
CASH FUNDS
FEDERAL FUNDS
OTHER FUNDS
TOTAL FUNDS
Any Fiscal Notes received from state agencies and political subdivisions are attached f ollowing the Legislative Fiscal Analyst Estimate.
LB626 would make the following amendments to Community Development Law:
- Strikes intention to carry out a redevelopment project which will involve the const ruction of workforce housing in an extremely
blighted area as authorized under the law;
- Adds a lack of affordable housing to the Legislative findings and declarations of substandard and blighted;
- Adds a defi nition for affordable housing;
- Adds “less than 20% of the housing in the area is aff ordable housing” to the definition of blighted;
- Strikes, “in a rural community or in an extremely blighted area within a municipality that is not a rural community to carry out
construction of workforce housing” and replaces with, “to carry out construction of affordable housing ” to the definition of
redevelopment project; and
- Amends the definition of substandard area to include an area, “in which less than 20% of the housing is affordable housing”.
LB626 may affect projects which utilize TI F under Community D evelopment Law, any fiscal impact to the state is dependent upon
whether LB626 would affect the timing and number of projects going forward and whether those projects would be within equalized
school districts which would affect state aid through TEEOSA. Fiscal impact is indeterminable, though likely minimal given the relatively
small scale of affordable housing as defined by LB626.