Plain English Breakdown
The bill defines 'challenged development' but does not provide the specific definition in this summary text; readers must refer to the full bill for details.
Housing Aid for At-Risk Projects
This law allows state housing officials to give loans or grants to fix up and keep affordable both existing state-funded projects at risk of losing their status and other qualifying 'challenged developments'.
What This Bill Does
- Allows the Department of Housing and Community Development to provide loans, grants, or a mix of both for housing projects that qualify as challenged developments.
- Requires the department to prioritize funding for state-funded projects where affordability rules have expired, are ending in less than 10 years, or face conversion to market-rate housing.
- Mandates an evaluation of these building projects before any money is distributed to help guide decisions.
- Sets aside a specific percentage of funds for challenged buildings that were not originally funded by the state.
Who It Names or Affects
- The Department of Housing and Community Development
- Owners or managers of housing projects with expired or expiring affordability rules
- Housing projects defined as 'challenged developments'
- Residents living in buildings at risk of losing affordable status
Terms To Know
- Challenged development
- A housing project that qualifies for special aid under this law, as defined by the bill.
- Affordability restriction
- A rule requiring a building to keep rent low or limit who can live there.
- Market-rate housing
- Housing where the price is set by what people are willing to pay, rather than being limited for lower-income residents.
Limits and Unknowns
- The law only works if lawmakers approve money (appropriation) for it.
- Funding for non-state projects depends on relative need and the availability of resources.
- The exact percentage of funds set aside is not specified in this summary.