House Bill 19-1322 Summary

• Creates transfer mechanism from the Unclaimed Property Trust Fund to the Housing Development Grant Fund of up to $30 million annually during fiscal years 2020-21 through 2022-23 if state revenues fall below a specified threshold (the excess state revenues cap minus $30 million).

• Expands eligible uses of housing development grant funds to include acquisition and construction of for-sale homes in nonurban areas, home rehabilitation, mobile home repair programs, land acquisition for affordable housing development, and targeted rental assistance for homeless families, disabled veterans, and other vulnerable populations.

• Requires the Division of Housing to consult with urban and rural stakeholders when allocating funds to optimize return on investment, leverage other funding sources, address statewide housing needs, and serve populations with greatest unmet need.

• Allows the Division of Housing to hire staff and employees to administer the expanded housing programs using fund revenues.

• Limits transfers to no more than three total fiscal years, with the deadline extended one additional year for each year no transfer is made.