HB1894

House Bill 1894 directs the Arkansas Assessment Coordination Division to establish specific methods for valuing real property used for affordable housing. The bill mandates the creation of rules and guidelines for assessing properties subject to federal or state restrictions, such as rent limitations or operational requirements linked to government programs. Specifically, it targets properties associated with federal income tax credits under 26 U.S.C. § 42, the HUD HOME Investment Partnerships Program, and USDA 42 U.S.C. § 1485 incentives. The legislation requires these rules to be finalized by January 1, 2026, or as soon as practicable thereafter, pending legislative approval. The stated intent is to ensure fair and equitable tax assessment for all real property used for housing, specifically accounting for the unique economic restrictions imposed on affordable housing developments.