Plain English Breakdown
The bill does not provide specific details on how the study will be conducted or what form the recommendations for the development of the grant program should take.
Act on Deeply Affordable Housing
This act directs the Department of Housing to study deeply affordable housing and recommend ways to incentivize its development through grants.
What This Bill Does
- Defines 'deeply affordable housing' as homes that are deed-restricted for rental or sale at no more than 30% of a family's annual income, where their income is less than or equal to 40% of the state’s median income.
- Requires the Department of Housing to study the availability and obstacles of deeply affordable housing in each county.
- Examines the potential effectiveness of a grant program to incentivize the development of such housing.
Who It Names or Affects
- The Department of Housing
- People who live or want to live in deeply affordable housing
Terms To Know
- deeply affordable housing
- Housing that is deed-restricted for rental or sale at no more than 30% of a family's annual income, where their income is less than or equal to 40% of the state’s median income.
Limits and Unknowns
- The bill does not specify how much funding will be available for grants.
- It only requires a study and report; it does not create an actual grant program yet.