What is the official ID of this bill?
The official print number for this legislation is S 4584.
Tax Credit for Selling Mobile Home Park Land to Residents: Securing Affordable Housing.
This Act introduces a new business tax credit for owners of manufactured home communities who sell the land to resident cooperatives or non-profit entities. The goal is to preserve critical affordable housing for low-income households by allowing residents to gain ownership and control over the land, thereby stabilizing site fees and preventing disruptive community closures. The credit covers 75% of the qualified gain from the sale.
Key points
Sellers of manufactured home community land receive a tax credit equal to 75% of the profit if they sell to resident cooperatives or qualified non-profits.
This measure aims to increase housing security and prevent steep rent hikes or community closures, protecting the personal finances of low-income residents.
The buyer must commit to maintaining the property as a manufactured home community for at least 50 years, enforced by a potential tax penalty upon violation.
Status:
Expired
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