HB 1345-S - DIGEST

(DIGEST AS ENACTED)

     Declares that the real and personal property owned or used by a nonprofit in providing rental housing for very low-income households is exempt from taxation if:  (1) The benefit of the exemption inures to the nonprofit organization, association, or corporation;

     (2) at least seventy-five percent of the occupied dwelling units in the rental housing are occupied by very low-income households; and

     (3) the rental housing was insured, financed, or assisted in all or in part through the designated programs.