1 Community Revitalization Tax Relief Incentive; Housing Opportunity Zone. Amend RSA 79-E:4-c to read as follows:

79-E:4-c Housing Opportunity Zone.

A city or town may adopt the provisions of this section by vote of its legislative body, in accordance with the procedures described in RSA 79-E:3, to establish a housing opportunity zone. To be eligible for tax relief under this section, the qualifying structure and property shall be located within the housing opportunity zone established by the municipality. No less than one-third of the housing units constructed shall be designated for households with an income of 80 percent or less of the area median income as measured by the United States Department of Housing and Urban Development, or the housing units in a qualifying structure shall be designated for households with incomes as provided in RSA 204-C:57, IV. A qualifying structure under this section shall be eligible for tax assessment relief for a period of up to 10 years, beginning upon issuance of the certification of occupancy.

2 Effective Date. This act shall take effect July 1, 2025.

1 Community Revitalization Tax Relief Incentive; Housing Opportunity Zone. Amend RSA 79-E:4-c to read as follows:

79-E:4-c Housing Opportunity Zone.

I. A city or town may adopt the provisions of this section by vote of its legislative body, in accordance with the procedures described in RSA 79-E:3, to establish a housing opportunity zone. To be eligible for tax relief under this section, the qualifying structure and property shall be located within the housing opportunity zone established by the municipality. No less than one-third of the housing units constructed shall be designated for households with an income of 80 percent or less of the area median income as measured by the United States Department of Housing and Urban Development, or the housing units in a qualifying structure shall be designated for households with incomes as provided in RSA 204-C:57, IV. A qualifying structure under this section shall be eligible for tax assessment relief for a period of up to 10 years, beginning upon issuance of the certification of occupancy.

II. A city or town shall establish how frequently income verification for occupants will be conducted to comply with paragraph I when they adopt the provisions of this section. Property owners or their designees shall be required to verify occupant income at least at initial occupancy, but shall not be permitted to verify income more frequently than annually. A city or town may elect to require income verification only at initial occupancy. Owners of accessory dwelling units, as they are defined in RSA 674:71 and 674:72, shall not be required to verify income as long as the units are priced such that they are affordable by households with an income of 80 percent or less of the area median income as measured by the United States Department of Housing and Urban Development.

III. Any tenant whose income initially qualified, but subsequently failed to qualify, shall be eligible to renew his or her lease, if the tenant is otherwise in good standing, for at least one year from the failure to qualify.

2 Effective Date. This act shall take effect July 1, 2025.