SB 5387-S - DIGEST

(SUBSTITUTED FOR - SEE 2ND SUB)

     Encourages increased residential opportunities by stimulating the construction of new multifamily housing and the rehabilitation of existing vacant and underutilized buildings for multifamily housing in urban centers.

     Provides exemptions from ad valorem property taxation for a ten year period.

     Designates requirements to be eligible for the exemption.

     Establishes hearing procedures for cancellation of the exemption.

     Requires a certain percentage of the construction to be set aside for low-income tenants.

     Allows the exemption only once for the project.