|Posted:||August 23, 2018 03:05 PM|
|From:||Representative Tedd C. Nesbit and Rep. Mark Longietti|
|To:||All House members|
|Subject:||Realty Transfer Tax Exemption|
|We invite your co-sponsorship of legislation to add an exemption from Realty Transfer Tax for a transfer of real estate from a Housing Authority to a non-profit affiliate of the Housing Authority as part of the U.S. Housing and Urban Development Agency's (HUD) Rental Assistance Demonstration (RAD) program. RAD affords Housing Authorities a new model to manage properties whereby they may attract private capital to renovate these properties. However, in order to attract that capital, they must place these properties in a separate non-profit affiliate. Under current law, that transfer triggers Realty Transfer Taxes. Our legislation would exempt this transfer from Realty Transfer Taxes retroactive to the beginning of 2016 when the RAD program began.
Thank you for your consideration.
Introduced as HB2654