Bill > S1100

This bill allows cities and towns to create a "workforce housing special tax assessment plan" (WH-STA plan) to encourage the development of housing for middle-income residents. These plans would designate specific areas as "WH-STA zones" and could offer property tax exemptions for up to five years to property owners who enter into agreements with the city or town. These agreements would detail the construction plans, set maximum rental prices to ensure affordability, and outline responsibilities for both parties, with exemptions potentially covering 100% of property taxes during construction and a reduced percentage during the following three years. Cities and towns would need to establish regulations for these plans, including application procedures and eligibility criteria for developers, and property owners would be required to certify rental prices, with failure to comply potentially leading to a lien on the property for the amount of tax exemptions received. WH-STA plans would automatically expire after three years unless renewed.