Bill > SB2225

This bill appropriates $25,000,000 from the Strategic Investment and Improvements Fund to the Department of Commerce for a housing program for the period beginning on the effective date of the Act and ending June 30, 2027. * $25,000,000 is appropriated to the Department of Commerce for the Housing for Opportunity, Mobility, and Empowerment Grant Program. This funding is intended to help political subdivisions build infrastructure for affordable and market-rate housing, and for slum and blight removal. * $7,000,000 is allocated for communities with fewer than 5,000 individuals. * $10,500,000 is allocated for communities with populations between 5,001 and 20,000 individuals. * $6,000,000 is allocated for communities with populations over 20,000 individuals. * $1,500,000 is allocated for rural metropolitan areas within 20 miles of cities with over 20,000 individuals. * The maximum grant award for a community with over 20,000 individuals is $1,000,000. * Any uncommitted or unexpended funds by December 31, 2026, can be awarded to viable projects regardless of community size or location. * Funding can be used for up to one-third of total project costs, provided that two-thirds matching funds are secured from non-state sources, such as political subdivisions, tribal entities, local developers, or private funds within the community. * The Department of Commerce must report to the legislative management and the governor by June 30, 2026, on the program's status, including expenditures, housing units supported, grant applications, and matching funds raised. * The bill declares an emergency, meaning it takes effect immediately upon passage.