Relating to rehabilitation projects and tax incentives under the workforce housing tax incentives program

5 million. For FY 2027-2028, and for each fiscal year thereafter, the authority shall not award an amount of tax incentives in excess of $35 million. Under the bill, for FY 2026-2027, and for each fiscal year thereafter, the authority shall not award an amount of tax incentives in excess of $40 million. Of the $40 million, percent ($20 million) shall be reserved for allocation to qualified housing projects in small cities. Additionally, under the bill, of the $40 million, $5 million shall be reserved to award tax incentives to rehabilitation projects.5 million) shall be reserved for allocation to rehabilitation projects in small cities. _____ projects located in small cities, the authority may award the remaining amount of tax incentives to other rehabilitation projects during that same fiscal year. The maximum aggregate amount of tax incentives that may be awarded and issued to a housing business for a housing project or a rehabilitation project shall not exceed $1 million. The bill eliminates the requirement that the authority issue tax incentives under the program on a first-come, first-served basis.