Plain English Breakdown
The effective date is listed as 'from passage,' but no specific calendar date for enactment is provided in the source text.
Study on Deeply Affordable Housing
This law requires the Department of Housing to study how much deeply affordable housing exists and whether grants could help build more.
What This Bill Does
- Defines 'deeply affordable housing' as homes costing no more than 30% of income for families earning up to 40% of the state median income.
- Requires the Department of Housing to study how much deeply affordable housing is available in each county.
- Directs the department to identify obstacles that stop this type of housing from being built.
- Asks the department to look at whether a grant program could encourage developers to build more of these homes.
- Requires the Commissioner of Housing to send a report with study results and recommendations by January 1, 2027.
Who It Names or Affects
- The Department of Housing
- Families earning less than or equal to 40% of the state median income
Terms To Know
- Deeply affordable housing
- Homes restricted by a legal document so that rent or purchase price is no more than 30% of the income for families earning up to 40% of the state median.
- Deed-restricted
- A rule written into the property ownership record that limits who can buy or rent the home and how much they pay.
Limits and Unknowns
- This law only orders a study; it does not create any new grant programs yet.
- The final report is due on January 1, 2027, but no specific funding for the grants has been approved in this text.