Bill > HB465

This bill amends the Housing Opportunity Zone program, which provides tax relief for certain housing developments, by introducing new requirements for verifying the income of residents. Specifically, it mandates that cities and towns establishing these zones must decide how often occupant incomes will be checked to ensure they meet affordability criteria, which generally means incomes are 80 percent or less of the area median income as determined by the U.S. Department of Housing and Urban Development (HUD). Property owners must verify income at the start of occupancy and can do so annually thereafter, though towns can opt to only require verification at the initial occupancy. However, owners of accessory dwelling units (ADUs), which are secondary housing units on a property, are exempt from income verification as long as the units are priced affordably for those with incomes at or below 80 percent of the area median income. The bill also includes a provision that protects tenants who initially qualified but later exceed the income limit, allowing them to renew their lease for at least a year if they are otherwise in good standing.

Housing and Urban Affairs

https://gc.nh.gov/bill_Status/billinfo.aspx?id=655&inflect=2