(1)The Legislature finds that:
(a)The provision of safe, decent, and affordable housing to all residents of the State of Nebraska is a matter of public concern and represents a legitimate and compelling state need, affecting the general welfare of all residents;
(b)Sales-restricted houses effectively provide safe, decent, and affordable housing to residents of Nebraska;
(c)Sales-restricted houses are restricted by tools such as deed restrictions, covenants, land-lease agreements, and other similar recorded instruments that establish a period of affordability for low-income persons; and
(d)These restrictions alter the value of the property by limiting an owner's ability to sell the property.
(2)For purposes of this section:
(a)Charitable nonprofit housing organization means a charita
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(1) The Legislature finds that:
(a) The provision of safe, decent, and affordable housing to all residents of the State of Nebraska is a matter of public concern and represents a legitimate and compelling state need, affecting the general welfare of all residents;
(b) Sales-restricted houses effectively provide safe, decent, and affordable housing to residents of Nebraska;
(c) Sales-restricted houses are restricted by tools such as deed restrictions, covenants, land-lease agreements, and other similar recorded instruments that establish a period of affordability for low-income persons; and
(d) These restrictions alter the value of the property by limiting an owner's ability to sell the property.
(2) For purposes of this section:
(a) Charitable nonprofit housing organization means a charitable nonprofit organization whose primary purpose is the construction or renovation of residential housing for conveyance to low-income persons;
(b) Low-income person means a person with a household income of not more than one hundred twenty percent of the area median income, as determined by the United States Department of Housing and Urban Development;
(c) Primary residence means the home or place in which an individual's habitation is fixed and to which the individual has a present intention of returning after an absence therefrom, regardless of the duration of the absence; and
(d) Sales-restricted house means a residential single-family property that is subject to restrictions, created pursuant to a deed restriction, covenant, land-lease agreement, or other similar recorded instrument, that:
(i) Limit the ability of the owner to sell the property in an arm's length transaction;
(ii) Are attached to the property for a minimum period of twenty years;
(iii) Require the property to be the primary residence of an owner of the property;
(iv) Restrict the owner from selling the property to any buyer who is not a low-income person or a charitable nonprofit housing organization; and
(v) Were placed on the property by a charitable nonprofit housing organization upon such organization's conveyance of the property to a low-income person.
(3) Any organization or individual that owns a sales-restricted house may file an application with the county assessor of the county in which the sales-restricted house is located for a property valuation under this section. Application shall be made on a form prescribed by the Tax Commissioner. The application shall include (a) information describing the location of the sales-restricted house and (b) details on the sales restriction.
(4) Upon receipt of the application, the county assessor shall determine:
(a) The value of the sales-restricted house at its unrestricted appraised value; and
(b) The maximum sales price allowed for the sales-restricted house under the applicable restrictions.
(5) The county assessor shall use the lesser of the two values described in subsection (4) of this section for purposes of determining the value of the property under section 77-201 .