Bill > H281

This bill aims to stabilize neighborhoods and promote economic development. It makes the following key changes: 1. Increases the caps on tax credits for community development corporations and small businesses from $10 million to $30 million. 2. Adds "neighborhood stabilization" as a purpose for funding under the school building assistance program. 3. Expands and clarifies definitions related to "decadent," "substandard," and "project" areas under the urban renewal law, and introduces the concept of "spot blight project sponsors" to facilitate the rehabilitation of vacant and distressed properties. 4. Grants additional powers to "spot blight project sponsors" to acquire, rehabilitate, and sell or lease "spot rehabilitation properties" under the urban renewal law. 5. Exempts certain redevelopment authorities and community development corporations from being considered "owners" or "operators" under the state's hazardous waste cleanup law, provided they meet certain conditions. 6. Establishes a commission to study strategies for improving the quality of housing stock in economically weaker areas, with a focus on accessibility, climate resilience, and efficient code compliance. 7. Requires more detailed reporting on the state's housing development tax credit program.

Business and Industry

https://malegislature.gov/Bills/192/H281