HB1177: HB1177 Development authorities; certain affordable housing uses of property qualify as projects; provide

26 LC 47 4107S The House Committee on Governmental Affairs offers the following substitute to HB 1177: A BILL TO BE ENTITLED AN ACT To amend Chapter 62 of Title 36 of the Official Code of Georgia Annotated, relating to1 development authorities, so as to provide that certain affordab le housing uses of property2 qualify as projects that may be undertaken by development autho rities; to provide for3 legislative findings and declarations; to provide for related m atters; to repeal conflicting4 laws; and for other purposes.5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 SECTION 1.7 The General Assembly finds and declares that there is a significant shortage in housing stock8 that is affordable by households making less than the median annual household income of9 various parts of this state, and that the lack of such housing stock is inhibiting the10 development of trade, commerce, industry, or employment opportunities in this state. The11 General Assembly further finds and declares that reducing the shortage of such housing stock12 will support the development of trade, commerce, industry, and employment opportunities13 and be beneficial to the welfare of the people of this state.14 H. B. 1177 (SUB) - 1 - 26 LC 47 4107S SECTION 2.15 Chapter 62 of Title 36 of the Official Code of Georgia Annotated, relating to development16 authorities, is amended in paragraph (6) of Code Section 36-62-2, relating to definitions, by17 striking "; and" at the end of subparagraph (M), by replacing t he period at the end of18 subparagraph (N) with "; and", and by adding a new subparagraph to read as follows:19 "(O) The acquisition, construction, improvement, modification, leasing, or financing20 of real or personal property for single-family, two-family, or multifamily residential21 uses which will further the development of trade, commerce, industry, or employment22 opportunities in this state, provided that no such project as defined by this subparagraph23 shall be undertaken by an authority unless the authority determines that the occupancy24 or residential use of such property shall be primarily by households that have an annual25 gross household income that does not exceed 175 percent of the federal poverty level,26 and further determines that a firm or corporation has demonstrated the reasonable need27 for workforce housing in the county or municipal corporation wh ich activated such28 authority pursuant to Code Section 36-62-4."29 SECTION 3.30 All laws and parts of laws in conflict with this Act are repealed.31 H. B. 1177 (SUB) - 2 -