By Greta Forslund | Arizona Capitol Times
Some lawmakers and housing advocates fear two bills proposing a state low income housing tax credit program are the wrong response to the mounting issue of housing affordability in Arizona.
The program, currently operated in Arizona from the federal level, offers tax credits against insurance premium taxes and corporate income taxes to developers of qualified affordable housing projects.
The bills, introduced by Rep. Regina Cobb, R-Kingman, and Sen. David Gowan, R-Sierra Vista, would allocate $8 million over six years to a state tax credit program. About 20 other states have enacted or proposed similar programs.