PUBLIC Law Chapter 426

development district, the legislative body of a municipality must

consider whether the proposed district or program will contribute

to the expansion of affordable housing opportunities within the

municipality or to the betterment of the health, welfare or safety

of the inhabitants of the municipality. Interested parties must be

given a reasonable opportunity to present testimony concerning the

proposed district or program at the hearing provided for in section

5250, subsection 1. If an interested party claims at the public

hearing that the proposed district or program will result in a

substantial detriment to that party's existing property interests

in the municipality and produces substantial evidence to that

effect, the legislative body shall consider that evidence. When

considering that evidence, the legislative body also shall consider

whether any adverse economic effect of the proposed district or

program on that interested party's existing property interests in

the municipality is outweighed by the contribution made by the

district or program to the availability of affordable housing

within the municipality or to the betterment of the health, welfare

or safety of the inhabitants of the municipality.

3.__Conditions for approval.__Designation of an affordable
housing development district is subject to the following
conditions.

A.__At least 25%, by area, of the real property within an
affordable housing development district must:

(1)__Be suitable for residential use;

(2)__Be a blighted area; or

(3)__Be in need of rehabilitation or redevelopment.

B.__The affordable housing development district is subject
to the area cap established in section 5223, subsection 3,
paragraph B.

C.__The original assessed value of a proposed affordable
housing development district plus the original assessed
value of all existing affordable housing development
districts within the municipality may not exceed 5% of the
total value of taxable property within the municipality as
of April 1st preceding the date of the director's approval
of the designation of the proposed affordable housing
development district.

D.__The aggregate value of municipal general obligation
indebtedness financed by the proceeds from affordable housing
development districts within any county may not

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