SB 360-FN-A – AS INTRODUCED
2006 SESSION
05/10
SENATE BILL 360-FN-A
AN ACT establishing a surcharge on real estate transfers for deposit in the family stability fund and renaming the homeless prevention program the family stability program.
SPONSORS: Sen. D'Allesandro, Dist 20; Sen. Foster, Dist 13; Sen. Hassan, Dist 23; Sen. Fuller Clark, Dist 24; Rep. DeVries, Hills 15
COMMITTEE: Public and Municipal Affairs
This bill establishes a surcharge on real estate transfers for deposit in the family stability fund and renames the homeless prevention program the family stability program.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
06-2548
05/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Six
AN ACT establishing a surcharge on real estate transfers for deposit in the family stability fund and renaming the homeless prevention program the family stability program.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Subparagraph; Tax on Transfer of Real Property; Surcharge for Family Stability Program. Amend RSA 78-B:1, I by inserting after subparagraph (b) the following new subparagraph:
(c) A surcharge of $50 shall be added to any transfer tax imposed under this section.
2 New Paragraph; Transfer of Real Property; Surcharge Deposited in Family Stability Fund. Amend RSA 78-B:13 by inserting after paragraph II the following new paragraph:
III. Notwithstanding paragraph I, the surcharge collected pursuant to RSA 78-B:1, I(c) shall be deposited in the family stability fund, established under RSA 204-C:82.
3 Homeless Prevention Fund Renamed Family Stability Fund. Amend the subdivision heading and RSA 204-C:80 to read as follows:
[Homeless Prevention] Family Stability Fund
204-C:80 Purpose. The purpose of this subdivision is to establish a [homeless prevention] family stability program and a fund therefor to be used to provide housing assistance on behalf of very low income persons and families in order to help them meet their housing costs, thereby preventing homelessness resulting from their inability to meet such costs, and to maximize the opportunity for homeless families and individuals to obtain housing in the private market. This subdivision is also intended to assist persons and families who are receiving public assistance or have recently graduated from public assistance to low wage jobs and persons with disabilities to enable them to afford decent, safe housing.
4 Reference Change; Family Stability Fund. Amend RSA 204-C:81, I to read as follows:
I. “Fund” means the [homeless prevention] family stability fund.
5 Reference Change; Family Stability Program; Family Stability Fund. Amend RSA 204-C:82 to read as follows:
204-C:82 Fund Established.
I. There is hereby established within the authority a [homeless prevention] family stability fund. The fund shall be comprised of donations from private persons or entities, grants, set-asides, and other appropriations authorized by law. All sums from government appropriations or grants shall be credited to the fund, but such sums shall not be deemed to be money received on account of the state, and nothing in this subdivision shall be understood as pledging the faith and credit of the state.
II. The authority shall use moneys deposited in the fund for the following purposes:
(a) Direct housing assistance payments to eligible very low income persons or households.
(b) The provision and coordination of services, such as jobs, training, financial counseling, and other supportive services, which are made available to very low income households participating in the [homeless prevention] family stability program.
(c) The creation of new or rehabilitated dwelling units to be made available to very low income households assisted under this subdivision.
(d) Matching grants to units of local government or local housing authorities established under RSA 203 to support [homeless prevention] family stability programs for very low income households.
(e) The purchase of existing single family homes by or on behalf of low income households or to prevent the household occupants from becoming homeless.
6 Reference Change; Family Stability Fund. Amend the introductory paragraph of RSA 204-C:83 to read as follows:
204-C:83 Program Design. The [homeless prevention] family stability fund shall be administered so as to promote the following goals and objectives:
7 Reference Change; Family Stability Fund. Amend the introductory paragraph of RSA 204-C:85 to read as follows:
204-C:85 Rulemaking. The authority shall adopt rules, pursuant to RSA 204-C:53, governing the [homeless prevention] family stability fund. Such rules shall include:
8 Reference Change; Family Stability Program. Amend RSA 204-C:86 to read as follows:
204-C:86 Coordination with Other Programs. The authority shall ensure that the [homeless prevention] family stability program supported through the fund is coordinated with other housing assistance programs administered by the authority, the federal government, state agencies, local public authorities, and local governments.
9 Effective Date. This act shall take effect July 1, 2006.
LBAO
06-2548
11/22/05
SB 360-FN-A - FISCAL NOTE
AN ACT establishing a surcharge on real estate transfers for deposit in the family stability fund and renaming the homeless prevention program the family stability program.
FISCAL IMPACT:
The Department of Revenue Administration indicates this bill will increase state restricted revenue by $21,318,350 in FY 2007 and an indeterminable amount in FY 2008 and each year thereafter. There is no fiscal impact on county and local revenue or state, county and local expenditures.
METHODOLOGY:
The Department states that this bill establishes a surcharge on real estate transfers for deposit in the family stability fund and renames the homeless prevention program to the family stability program. The Department assumed that the $50 surcharge to any transfer tax imposed under RSA 78-B would only be applied once per transfer transaction, and not separately to both the buyer and seller. Using calendar year 2004 statistics, the Department determined that 426,367 transfer transactions at $50 per transaction would result in total surcharge revenue of $21,318,350 dedicated to the family stability fund. The Department further assumes that the 4% commission allowed to the county registrars on transfers does not apply to this surcharge. The Department made no surcharge revenue estimates beyond FY 2007. The Department states that this tax change can be administered within their existing budget.