Bill > HB1177

This bill amends existing Georgia law concerning development authorities, which are governmental entities created to promote economic development. The key provision is that these authorities can now undertake projects specifically focused on affordable housing. This means that acquiring, building, improving, or financing property for single-family, two-family, or multi-family homes will qualify as a "project" if it helps develop trade, commerce, industry, or employment opportunities. Crucially, for these housing projects to be eligible, the authority must ensure that the residents' annual household income does not exceed 80% of the median income for the county or municipality that established the authority. The bill also includes legislative findings stating that a shortage of affordable housing hinders economic growth and that addressing this shortage will benefit the state's welfare.

Government Affairs

https://www.legis.ga.gov/legislation/72789