Relating to the workforce housing tax incentives program

352.5 million of the total cap shall be reserved for allocation to projects located in small cities. Under current law, the authority’s board shall establish the maximum average dwelling unit cost (maximum average cost) under workforce housing for a project that includes single-family dwelling units that is located in a small city or in an urban area, and the maximum average cost for a project that includes multiple dwelling unit buildings that is located in a small city or in an urban area. Under current law, the maximum average cost established by the board is $266,320 for a project that includes single-family units that is located in either an urban area or in a small city, and $218,022 for a project that includes multiple dwelling unit buildings that is located in either an urban area or in a small city. The bill provides that for fiscal years beginning on or after July 1, 2023, the maximum average cost established by the board shall be no less than $316,320 for a project that includes single-family units that is located in either an urban area or in a small city, and $268,022 for a project that includes multiple dwelling unit buildings that is located in either an urban area or in a small city.