How AB 1113 changes current law

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill modifies the property tax exemption for nonprofit organizations selling property to low-income households by removing participation requirements and defining income limits.

• 70.11 (4g) (intro.)

  REAL PROPERTY HELD FOR REHABILITATION , REDEVELOPMENT ,OR FUTURE CONSTRUCTION AND LATER SALE TO LOW INCOME PERSONS → REAL PROPERTY HELD FOR REHABILITATION , REDEVELOPMENT ,OR FUTURE CONSTRUCTION AND LATER SALE TO LOW INCOME HOUSEHOLDS

  Updates the introductory language to refer to 'lower income households' instead of 'low income persons'.

• 70.11 (4g) (a)

  rehabilitating an existing structure, redevelopment involving a structure, or constructing a new structure on the property for sale to low-income persons → rehabilitating an existing structure, redevelopment involving a structure, or constructing a new structure on the property for sale to low-income households and persons having an income below the threshold described in par. (b)

  Changes the language to include 'lower income households' and adds a reference to income thresholds from paragraph (b).

• 70.11 (4g) (b)

  loans to purchase the property for which no interest is charged → loans to purchase the property for which no interest is charged or the nonprofit organization is restricted to transferring the property to persons having an income that is less than 120 percent of the area median income, as determined under 42 USC 1437a, for the area where the property is located

  Expands the conditions under which property can be exempted based on income limits.

• 70.11 (4g) (c)

  The requirements for participation in rehabilitation or construction are repealed.

  Removes the requirement that prospective low-income buyers must participate in property rehabilitation or construction for the property to be exempt.