HB3232: Relating to exemption of property owned by a limited equity cooperative; prescribing an effective date.

Legislative Summary

The Act would ease one of the rules for an existing limited equity co-op to be able to claim the low income rental housing tax break. (Flesch Readability Score: 60.0). Removes the eligibility requirement for the low income rental housing property tax exemption that property of a limited equity cooperative be constructed or converted after the local governing body adopts the exemption program. Takes effect on the 91st day following adjournment sine die.