Bill > HB1405

This bill establishes an affordable housing guarantee program within the New Hampshire Housing Finance Authority (NHHFA) to support low- and moderate-income housing. The program will allow the NHHFA to provide loan guarantees of up to 80% of a loan's principal, with a maximum of $30 million per lender per fiscal year and a total statewide limit of $300 million. Affordable housing is defined as housing where combined costs do not exceed 30% of the household's gross income, including manufactured housing parks where residents are predominantly low or moderate income. The bill defines income levels in relation to the state median income: very low income is 50% or less, low income is 51-60%, and moderate income is 61-80%. Lending organizations must meet specific eligibility criteria, including registering as a legal entity, demonstrating financial soundness, and having proper licensing. Lenders must also establish procedures to monitor borrower compliance and show how they will use the guaranteed funds. The full faith and credit of the state is pledged to support these loan guarantees, meaning the state treasurer can advance funds if needed to meet the authority's obligations. The program aims to promote housing accessibility for residents with limited financial resources while providing risk mitigation for lenders.

Housing and Urban Affairs

https://gc.nh.gov/bill_Status/billinfo.aspx?id=2148&inflect=2