TO ESTABLISH A METHOD OF VALUATION FOR REAL PROPERTY USED FOR AFFORDABLE HOUSING; AND TO ESTABLISH A METHOD OF VALUATION FOR CERTAIN REAL PROPERTY UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § 5.

Fiscal Impact Statement Bill: HB1894 Bill Subtitle: TO ESTABLISH A METHOD OF VALUATION FOR REAL PROPERTY USED FOR AFFORDABLE HOUSING; AND TO ESTABLISH A METHOD OF VALUATION FOR CERTAIN REAL PROPERTY UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § 5. --------------------------------------------------------------------------------------------------------------------------------------- Sponsors: Rep. Beaty and Sen. Gilmore Basic Change: HB1894 establishes a new method of valuation for certain real property. Specifically, HB1894 requires certain real property to be appraised using an income-based approach, including properties that have federally-imposed or state-imposed rent limitations, operations requirements, or any other restrictions on a property connected to: • The real property being eligible for an income tax credit under 26 U.S.C. § 42 (providing certain low-income housing credits); • Real property constructed with the use of the United States Department of Housing and Urban Development HOME Investment Partnerships Program; • Real property constructed with the use of incentives provided by the United States Department of Agriculture Rural Development; or • Real property that recei