Bill > A10517

This bill establishes the small rental housing development initiative to provide funding to eligible non-profit applicants (such as rural preservation or neighborhood companies) to construct affordable rental housing developments of 20 units or less in eligible areas, which are defined as towns or cities with a population of 30,000 or less. The funding will be in the form of deferred, zero-interest loans that may be forgiven if the applicant remains in compliance with the program's affordability requirements for the entire period of affordability, which can range from 10 to 20 years. The bill also outlines various other requirements and procedures related to the application, award, and oversight of the funding.