SB 2976 restricts the areas where housing finance corporations can operate. It limits a municipal housing finance corporation’s powers to the boundaries of the municipality that created it, county-sponsored corporations to unincorporated areas of the county, and multi-jurisdictional corporations to the areas of their municipal or county sponsors. The bill also revises provisions related to financing and property transactions, ensuring that tax exemptions apply only to properties located within the authorized operating areas of the housing finance corporation.