Abandoned, derelict and long forgotten-lots across the state are in the sights of proposed legislation offering major tax breaks for redeveloping the eyesores.
The bill would let developers tap $4 million in tax incentives for up to 40% of the property’s value if they can prove it’s been abandoned for five years.
Roger Valdez is the director of the Center for Housing Economics, which worked on the bill. He says it’s meant to be flexible, so it applies to new commercial and residential construction, as well as renovations or some combination of the two, but it does have a focus on affordable housing…