US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 6
                           EXEMPTIONS FROM TAXATION
    63-602GG.  PROPERTY EXEMPT FROM TAXATION -- LOW-INCOME HOUSING OWNED BY
NONPROFIT ORGANIZATIONS. (1) As provided in this section, low-income housing
owned by nonprofit organizations shall be exempt from taxation.
    (2)  In order to qualify as a nonprofit organization under this section,
an organization must demonstrate that:
    (a)  It is organized as a nonprofit corporation pursuant to chapter 3,
    title 30, Idaho Code, or pursuant to equivalent laws in the applicable
    state of incorporation; and
    (b)  It has received an exemption from taxation from the internal revenue
    service pursuant to section 501(c)(3) of the Internal Revenue Code; and
    (c)  No proceeds or tax benefits of the organization or from the
    low-income housing property owned by the organization shall inure to any
    individual or for-profit entity other than normal employee compensation.
    (3)  In order to qualify for the exemption provided in this section, the
low-income housing property shall meet the following qualifications:
    (a)  Both legal and equitable title to the property is solely owned by the
    nonprofit organization seeking the exemption and is managed by the owner
    or a related nonprofit organization qualifying for the exemption set forth
    in section 63-602C, Idaho Code; and
    (b)  Tenants shall not be evicted based upon their inability to pay for a
    period of three (3) months if such inability is due to a catastrophic
    event that is not under the tenant's control. For purposes of this
    subsection, "catastrophic event" means a medical condition or injury in
    which sudden, serious and unexpected symptoms of illness or injury are
    sufficiently severe to render the tenant unable to participate in
    employment and such illness or injury has been certified by one (1) or
    more licensed physicians and/or psychiatrists or psychologists. The term
    "catastrophic event" does not apply to individuals who voluntarily remove
    themselves from the workforce; and
    (c)  Except for a manager's unit, all of the housing units in the
    low-income  housing property are dedicated to low-income housing in the
    following manner: Fifty-five percent (55%) of the units shall be rented to
    those earning sixty percent (60%) or less of the median income for the
    county in which the housing is located; twenty percent (20%) of the units
    shall be rented to those earning fifty percent (50%) or less of the median
    income of the county in which the housing is located; and twenty-five
    percent (25%) of the units shall be rented to those earning thirty percent
    (30%) or less of the median income for the county in which the housing is
    located.
    (4)  The exemption provided in this section shall not apply:
    (a)  If the project is financed after the effective date of this act and
    applicable law permits the payment of property taxes with federal or state
    funds, grants, loans or subsidies; or
    (b)  If the property is receiving federal project-based assistance, as
    provided by 42 U.S.C. sections 1437f(d)(2), 1437f(f)(6) and 1437f(o)(13);
    or
    (c)  To any property used by a taxpayer to qualify for tax credits under
    the provisions of 26 U.S.C. chapter 42 or any successor programs until
    such time as the property is solely owned by a nonprofit organization as
    defined in this section and is no longer utilized to receive federal tax
    credits.
    (5)  Notwithstanding any other provision of this section, a low-income
housing property shall be exempt from taxation due to undue hardship if:
    (a)  The property was financed prior to the effective date of this act;
    and
    (b)  Such financing was dependent upon the tax-exempt status of the
    property; and
    (c)  The law does not allow additional federal or state revenues to be
    available for the payment of property taxes.
    (6)  Nothing in this section shall affect the qualification of properties
for tax-exempt status under other provisions of title 63, Idaho Code.