Bill > S09380

This bill creates an "Affordable Housing Relief Fund Program" to be administered by the Housing Trust Fund Corporation. The program provides forgivable loans of up to $50,000 per income-restricted housing unit to support the recapitalization and stabilization of existing "at-risk, one hundred percent affordable or supportive multifamily rental properties" that have regulatory agreements with housing agencies. The loans have a 10-year forgiveness period, and recipients must comply with affordability restrictions and tenant protections. The bill also requires the Corporation to submit an annual report to the legislature on the program's implementation and outcomes.