Bill > S09356

This bill establishes the small rental housing development initiative to provide funding to eligible non-profit housing agencies, such as rural preservation or neighborhood companies, to construct affordable rental apartment buildings of 20 units or less in eligible areas (towns or cities with a population of 30,000 or less) for low- to moderate-income households (up to 120% of the area median income). The funding will be in the form of deferred, zero-interest loans that can be forgiven if the applicant remains in compliance with the affordability requirements for the duration of the period of affordability. The bill also outlines provisions for the review and potential termination of funding agreements if there is a substantial breach by the applicant.