By Jakob Thorington | State Affairs
With the veto of the GOP budget package, 31 rural mayors are calling on legislative leaders to include a rural housing tax credit in the next budget attempt this session.
Rural mayors are calling on the Legislature and Gov. Katie Hobbs to include House Bill 2804Track with the state budget. The bill, sponsored by Rep. Teresa Martinez, would establish a rural development and housing tax credit for projects that are located in counties with a population of less than 800,000 people.
HB 2804Track passed the House in February with a 35-22 vote after a coalition of 10 Republicans who favored the measure found unanimous Democratic support.The bill would allocate $120 million over 10 years for rural affordable housing.
“None of the tax credits are issued until a project is completely built and occupied by tenants. This means there is no financial impact to the General Fund for this fiscal year, and likely the next several years,” the mayors wrote in a joint letter sent to Hobbs and legislators.
