H259 - 2023 Appropriations Act. (SL 2023-134)

Overview: Section 29.3 of S.L. 2023-134 allows a taxpayer who was allocated a low-income housing tax credit for a low-income housing development located in a low-income county before October 3, 2023, to be eligible for a loan under the Workforce Housing Loan Program. The taxpayer must provide evidence that the loan funds are necessary to address inflationary costs associated with the low-income housing development. These funds would be in addition to other sources of funding for the development project included in the taxpayer's initial loan application.

This section became effective July 1, 2023.