An Act to Better Support the Educational Attainment of Low-income and Moderate-income Communities by Providing Additional Funding to Certain School Administrative Units
Creating an additional property tax for certain unoccupied properties and creating a housing transfer tax exemption for certain low- and moderate-income home buyers.
Exempts certain cities and towns whose communities exceed the low and moderate income housing threshold from the tax of the previous year's gross scheduled rental income.
Requires calculation of need for low and moderate income housing units to be based current percentage of units occupied by low and moderate income individuals or families; revises "Local Redevelopment and Housing Law" to allow for senior citizen housing and community development.
Exempts certain cities and towns whose communities exceed the low and moderate income housing threshold from the tax of the previous year's gross scheduled rental income.