House Sponsors: KENNER-MCKEON-COLVIN-GILES. Senate Sponsors: PETERSON-OBAMA-LIGHTFORD Short description: PROP TAX-ABATEMENT-TECH Synopsis of Bill as introduced: Amends the Property Tax Code. Makes a technical change in a Section concerning leased low-rent housing abatement. HOUSE AMENDMENT NO. 1. Deletes everything after the enacting clause. Amends the Property Tax Code with respect to leased low-rent housing abatements. Provides that, to be eligible for a leased low-rent housing abatement, the property must (i) not be exempt under the Code as housing authority property (new requirement); (ii) be subject to a leasing agreement, regulatory and operating agreement, or similar instrument with a housing authority that sets forth the terms for leasing low-rent housing (now, consist of 6 units or more leased to a housing authority for low-rent housing and related uses); and (iii) be used, for a period of 20 years, solely for low-rent housing and related uses (same as current law). Provides that the certificate of the property's use during the immediately preceding year required to be filed by the housing authority shall certify that the eligible residential units have been inspected within the previous 90 days (now, 60 days). Provides that, if the property is improved with an eligible multifamily dwelling or multi-building development containing residential units, a certification of eligibility may be filed for no more than 40% (now, one-third) of those residential units. Provides that if property receives an abatement under these provisions, the rental rate set under the lease, regulatory and operating agreement, or other similar instrument for that property shall not include property taxes (now, if a housing authority is the lessee of property that is eligible for an abatement under these provisions, the lease shall reflect a reduction in payments due under the lease from the housing authority in the full amount of the abatement). Effective immediately. Last action on Bill: PUBLIC ACT.............................. 92-0621 Last action date: JUL-11-2002 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status