Bill
Number: S.B. 1300
Brophy
McGee Floor Amendment
Reference
to: printed bill
Amendment
drafted by: Leg Council
FLOOR
AMENDMENT EXPLANATION
1. Conforms the language
to reference the specific Internal Revenue Code provisions that define the U.S.
Internal Revenue System Affordable Housing Program and to include language that
is consistent with the Internal Revenue Code.
2. Includes the various
types of ownership structures that are used for these types of projects so that
the statute does not favor one form of ownership structure over another.
3. Eliminates redundant
language in the existing statute for clarity.
Page 1, line 4, strike "low-income"
insert "affordable"; after "projects"
insert "; definition"
Line 5,
after "for" insert "affordable";
after "housing" insert "pursuant to section 42 of
the internal revenue code or another recorded restrictive covenant imposed by
financing for affordable housing"
Line 6,
strike "is" insert "are"
Strike line
7
Renumber to
conform
Line 9,
strike "charitable fund, foundation or"; strike ",
including" insert "that is qualified pursuant to
section 501(c)(3) or 501(c)(4) of
the internal revenue code or"
Line 10,
after "partnership" insert "or limited liability
company"; after "partner" insert "or
the managing member, as applicable,"
Line 12,
after "more" insert "eligible"
Line 13,
strike "both" insert "either";
strike "applies apply"
insert "applies"
Strike line
14
Line 15,
strike "(i)" insert
"(a)"
Line 18,
after "Rent" insert "paid
by or on behalf"
Line 21,
after "the" insert "property's"
Line 22,
strike "(b) (ii)"
insert "(b)"
Line 23,
after "low‑income" insert "or moderate‑income"
Line 24,
after "Rent" insert "paid
by or on behalf"
Line 26,
after "the" insert "property's"
Page 1, line
30, strike "(b)" insert
"3."; strike "facility"; after "cannot" insert "property"
Line 37,
after the period strike remainder of line
Strike lines
38 through 42
After line
46, insert:
"C. For the purposes of this section, "eligible
nonprofit corporation" means a corporation that is qualified pursuant to
section 501(c)(3) or 501(c)(4) of
the internal revenue code and for which one of its exempt purposes includes
providing affordable housing."
Amend title to conform