(a) Qualifying communities may receive incentives under this chapter, where the tax stabilization agreement is for a qualified development project involving an adaptive reuse of a recognized historical structure or results in the creation of at least twenty (20) units of residential housing; provided that at least twenty percent (20%) of the residential units are for affordable or workforce housing.
(b) Qualifying communities may receive incentives under this chapter, where the tax stabilization agreement is for a qualified development project involving an adaptive reuse of a certified historic structure, if such qualified development project:
(i) Has been certified by the state historic preservation officer that the adaptive reuse will be consistent with the standards of the Secretary of the United States Department of the Interior for rehabilitation; and
(ii) Results in the creation of at least twenty (20) units of residential housing; provided that at least twenty percent (20%) of the residential units are for affordable or workforce housing.
(c) Hope communities may receive incentives under this chapter, where the tax stabilization agreement for a qualified development project results in the creation of at least twenty (20) units of residential housing.
History of Section.
P.L. 2015, ch. 141, art. 19, § 5.