Bill > A02956

This bill establishes the Small Rental Housing Development Initiative, which provides funding in the form of deferred, zero-interest loans to eligible non-profit housing agencies for the construction of affordable rental housing developments 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 project maintains affordability requirements for the duration of the "period of affordability." The bill also outlines various program requirements and oversight provisions for the initiative.