Latest on RBC

LATEST ON RBC

Maryland Creates Community Investment Corporation

In April 2024, the Maryland governor signed HB 599, the Housing and Community Development Act of 2024, to establish an independent organization to fund development in low-income communities. The bill empowers the Maryland Community Investment Corporation to purchase, develop, lease, and operate projects to accomplish this purpose. The corporation is authorized to make investments and provide financial assistance using the corporation’s resources, including income from corporation investments, and from government, higher education, and private sources. The corporation is also tasked with building long-term financial capacity and creating pathways to follow-on financing in the state.

Nebraska Adopts Poverty Elimination Action Plan Act

In April 2024, the Nebraska governor approved LB 840, which includes the Poverty Elimination Action Plan Act. The act requires cities with a population greater than 100,000 to adopt a 5-year action plan with goals and incentive measures to eliminate poverty. The act also requires biannual reports that include a housing needs assessment and an implementation strategy to increase affordable housing options, address homelessness, and promote homeownership.

Utah Revises Moderate-Income Housing Regulations

In March 2022, the Utah governor signed HB 462, which includes revisions to the state’s moderate-income housing regulations. Current law requires certain municipalities’ and counties’ general plans to address needed housing for moderate-income households earning up to 80 percent of the area median income. HB 462 calls for those policies to be incorporated into a jurisdiction’s general plan as a moderate-income housing element, including provisions for a “realistic opportunity” to meet the jurisdiction’s moderate-income housing needs within 5 years.

Colorado Expands Affordable Housing Tax Credit

In May 2024, the Colorado governor signed HB 24-1434, which authorizes the state housing and finance authority to allocate tax credits to owners of qualified low-income housing developments, which must remain affordable for at least 15 years. In addition, the bill amends the state’s affordable housing tax credit by providing an additional $136 million in credits to be allocated between 2024 and 2031.