Bill > S01685

This bill establishes the Small Rental Housing Development Initiative, which aims to provide funding in the form of deferred, zero-interest loans to eligible non-profit housing agencies to construct affordable rental housing of 20 units or less in eligible areas (towns or cities with a population of 30,000 or less). The loans can be forgiven if the housing remains affordable for a specified period, and the rental management requirements will run with the property regardless of ownership changes. The Division of Housing and Community Renewal will oversee the program, including notifying unsuccessful applicants of the reasons for not receiving funding and periodically reviewing the performance of grant and loan recipients.