Bill > HB2999

This bill, titled the "State Affordability Infrastructure District Act," aims to facilitate the financing and construction of public infrastructure to support housing affordability and economic development by establishing a new type of special taxing district. It amends existing laws related to development fees assessed by municipalities and counties, clarifying how these fees can be used and ensuring they are proportionate to the costs incurred by new development. Crucially, the bill creates "State Affordability Infrastructure Districts" (SAIDs) that can be formed by property owners to finance public infrastructure projects, such as water, wastewater, transportation, and public buildings. These districts will be overseen by the Arizona Finance Authority (AFA) to ensure financial compliance and will have the power to levy ad valorem taxes and assessments, subject to strict limitations and voter approval, to repay bonds issued for infrastructure development. The bill also includes provisions for district governance, transparency through public websites and annual reports, and seller disclosure requirements for properties within these districts to inform potential buyers about the associated taxes and assessments.