Bill > HB1660

This bill provides municipalities in New Hampshire with new tools to encourage housing development, particularly for senior housing, workforce housing, and skilled care facilities. Specifically, the bill enables municipalities to enter into credit enhancement agreements (CEAs) for qualifying housing projects, which allow local governments to rebate up to 50% of the increased property tax value (called "housing-based increment") to developers as an incentive for creating needed housing. The bill clarifies that these agreements can last up to 20 years and must address documented housing needs identified in municipal master plans or regional housing assessments. Additionally, the legislation modifies how housing-related property value increases are treated in state equalization calculations, effectively excluding the rebated portion of housing-based increments from a municipality's total assessed valuation for up to 10 years. This approach is designed to remove disincentives for municipalities to support housing development, particularly for senior housing, continuing care retirement communities, skilled care facilities, assisted living facilities, and workforce housing. The bill also requires annual reporting and compliance certifications for these agreements and provides mechanisms for voluntary termination if a project becomes economically unviable, while ensuring transparency and municipal oversight of the process.