Staff Analysis of the Legislation
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This bill modifies provisions related to the Community Reinvestment Agency Act and (1) removes provisions that prevented the creation of an economic development project area after 2016; (2) allows an economic development project area to receive tax increment through an interlocal agreement between a taxing entity and the agency; (3) addresses measurement of the project area funds collection period; (4) requires a community that creates an agency having a housing allocation from tax increment to create an affordable housing plan; (5) allows an agency to use the agency's housing allocation to implement the affordable housing plan; (6) requires a description of how an agency used the agency's housing allocation in the agency's annual budget report; (7) imposes certain requirements on jobs that will be created for post-performance distribution; (8) for urban renewal project areas, removes the option to reduce the agency's housing allocation; and (9) requires an agency to start distributing the agency's housing allocation held from project areas created in the past. |
