TITLE 42

State Affairs and Government

CHAPTER 42-64.22

Tax Stabilization Incentive

SECTION 42-64.22-7



   § 42-64.22-7  Alternative eligibility

requirements. –

(a) Qualifying communities may receive incentives under this chapter, where the

tax stabilization agreement is for a qualified development project involving an

adaptive reuse of a recognized historical structure or results in the creation

of at least twenty (20) units of residential housing; provided that at least

twenty percent (20%) of the residential units are for affordable or workforce

housing.



   (b) Qualifying communities may receive incentives under this

chapter, where the tax stabilization agreement is for a qualified development

project involving an adaptive reuse of a certified historic structure, if such

qualified development project:



   (i) Has been certified by the state historic preservation

officer that the adaptive reuse will be consistent with the standards of the

Secretary of the United States Department of the Interior for rehabilitation;

and



   (ii) Results in the creation of at least twenty (20) units of

residential housing; provided that at least twenty percent (20%) of the

residential units are for affordable or workforce housing.



   (c) Hope communities may receive incentives under this

chapter, where the tax stabilization agreement for a qualified development

project results in the creation of at least twenty (20) units of residential

housing.



History of Section.

(P.L. 2015, ch. 141, art. 19, § 5.)