HSB 670

In determining the average dwelling unit cost, the authority is required to consider, at a minimum, building material costs, labor costs, land or property acquisition costs, and site development costs. Current law requires that upon completion of a project, a housing business (business) must submit an examination of the project in accordance with the American institute of certified public accountants’ statements on standards for attestation engagements completed by a certified public accountant authorized to practice in this state. The bill requires that in addition to the examination, the business must submit a statement of the final amount of qualifying new investment for the project and any information the authority deems necessary to ensure the business’s compliance with the program. The bill amends the historic preservation tax credit program (preservation program) to make homeowner-occupied residential property and residential property occupied as a personal residence ineligible for the preservation program. The bill applies to projects for which an application is submitted to the program, or to the preservation program, on or after the effective date of the bill.