SB 948

ON APRIL 10, 2025, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 948, AS AMENDED. AMENDMENT #1 rewrites the bill to, instead, provide that if a legislative body of a county or municipality, as applicable, adopts by resolution or ordinance an affordable housing program, then all of the following applies :  There is also exempted property owned directly or indirectly by a joint venture in which at least one party of the joint venture is a qualified general partner if such property is used solely to provide permanent affordable housing to low-income households, of which at least 30% of the units at such property are dedicated to provide permanent, qualified affordable housing for veterans experiencing homelessness .  An owner or owners of a project that exceeds 12 units must agree to make payments in lieu of taxes to the tax jurisdictions in which they are located, in an amount negotiated to cover the cost of improvements, facilities, or services rendered by the tax jurisdiction . However, if an amount is not agreed upon, then the payments must be not less than 25% of the amount of tax that would be due if the project were not exempt .  A joint venture is deemed to provide permanent affordable housing to low income households , which means households with 80% or less of the applicable area's median income , if 100% of the units available at the property are leased at rents that are affordable to households that are low-income, according to the income limits computed and published by the department of housing and urban development under the federal United States Housing Act of 1937.