Bill > HB1103

This bill expands the Community Revitalization Tax Relief Incentive program to allow municipalities more flexibility in utilizing tax credits for property redevelopment. Specifically, the bill broadens the definition of "qualifying structure" to include buildings currently used for office, commercial, or industrial purposes that are converted to residential use. The legislation allows municipalities to establish their own criteria for determining tax relief eligibility within designated conversion zones, removing previous strict requirements about income levels for housing units. The bill provides tax assessment relief for up to 7 years for developments without workforce housing, or up to 11 years for developments that include workforce housing. Additionally, the bill clarifies definitions of commercial and industrial uses and permits municipalities to create residential conversion zones where property owners can receive tax incentives for transforming non-residential buildings into residential spaces. The changes aim to encourage urban redevelopment, increase housing availability, and provide local governments with more tools to revitalize underutilized properties. The bill will take effect on April 1, 2027.

Housing and Urban Affairs

https://gc.nh.gov/bill_Status/billinfo.aspx?id=1702&inflect=2