Bill > S05492

This bill creates a pilot program to encourage homeownership among persons and groups who are currently underrepresented in homeownership or have seen a marked decline in homeownership rates over the last decade. The program will provide resources, including outreach, education, and financial assistance, to help these individuals and groups achieve sustainable homeownership. The program will be conducted in three areas of the state that have experienced declines in homeownership among underrepresented populations, and will utilize up to $2 million in existing funding from the Affordable Housing Corporation to provide downpayment assistance of up to $75,000 per eligible homebuyer. The Division of Homes and Community Renewal will oversee the program and collaborate with nonprofit housing organizations to support low- and moderate-income homebuyers. The bill will expire on April 1, 2022.