SB 5532 - DIGEST

(SEE ALSO PROPOSED 1ST SUB)

     Declares that the real and personal property owned or used by a nonprofit organization, association, or corporation, including real and personal property where the nonprofit is the general partner with a for-profit organization, association, or corporation, 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.