Bill > A02658

This bill establishes a new affordable housing program administered by the division of homes and community renewal (agency) that will provide loans or grants to property owners for constructing, rehabilitating, acquiring, or improving housing accommodations. The program requires owners who receive these loans or grants to enter into a regulatory agreement that mandates renting housing units at no more than 33% of a tenant's income. The agency can provide financial assistance for various purposes including construction, site improvements, and infrastructure development. Loans can be secured by mortgages or other financial instruments and may have provisions for partial or full loan forgiveness based on the owner's compliance with the regulatory agreement. The agency has the power to create rules, monitor compliance, and subpoena documents or testimony to ensure adherence to the program's requirements. Importantly, the bill includes a severability clause, meaning that if any part of the law is found invalid, the rest of the law remains in effect. The program aims to create more affordable housing options by providing financial incentives to property owners who commit to maintaining lower rental rates for tenants.