Bill > H2640

This bill allows municipalities with populations under 15,000 and low population density to implement "neighborhood housing tax increment financing plans" (NH-TIF plans) to encourage the rehabilitation of existing residential housing units, defined as "neighborhood housing." These plans, approved by the Secretary of Housing and Community Development, can designate specific areas as NH-TIF areas and offer property tax exemptions for up to 30 years on eligible neighborhood housing. The bill also introduces tax credits for improving neighborhood housing in these designated areas, allowing for a credit of up to 50% of tax liability, with potential for a refundable credit in certain cases, and permits these credits to be carried over for up to ten years. Additionally, it amends existing law to include support for neighborhood housing rehabilitation as a purpose for certain housing programs.