Text: HF00048 Text: HF00050 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 427.1, Code 1997, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 21A. ELDER COTTAGE HOUSING. Low-rent
1 4 housing and the property upon which such housing is located if
1 5 the property is leased by a nonprofit organization and the
1 6 low-rent housing located on the leased property is purchased
1 7 pursuant to the elder cottage housing opportunity program of
1 8 the federal Affordable Housing Act. The exemption granted
1 9 under this subsection shall apply only until the terms of the
1 10 elder cottage housing opportunity lease expires, subject to
1 11 the provisions of subsection 14.
1 12 Sec. 2. This Act applies retroactively to January 1, 1996,
1 13 for assessment years beginning on or after that date.
1 14 EXPLANATION
1 15 This bill provides a property tax exemption for property
1 16 leased by a nonprofit organization under the terms of the
1 17 elder cottage housing opportunity program of the federal
1 18 Affordable Housing Act. Under this program, a nonprofit
1 19 organization may lease property from a qualified owner,
1 20 usually an elderly person or that person's relative, and place
1 21 upon the property relocatable housing for use as a residence
1 22 by the elderly person or the relative providing care for the
1 23 elderly person.
1 24 The bill applies retroactively to January 1, 1996, for
1 25 assessment years beginning on or after that date.
1 26 LSB 1015HH 77
1 27 sc/jw/5
Text: HF00048 Text: HF00050 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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