SB22-232: Middle-Income Housing Authority

• Creates the Middle-Income Housing Authority as a body corporate and political subdivision of the state to develop and finance affordable rental housing for middle-income individuals and families earning 80-120% of area median income (or up to 140% in rural resort counties).

• Establishes a 14-member board appointed by the Governor with Senate consent, including representatives from real estate development, finance, local housing authorities, nonprofit organizations, and state agencies.

• Authority may issue bonds to finance affordable rental housing projects, with all bonds payable solely from project revenues with no state liability; projects must maintain at least 80% new construction and limit private sector development fees.

• Implements an initial pilot program requiring the Authority to solicit proposals by April 1, 2023, and select projects developing no more than 3,500 units by July 1, 2023, with geographic and income diversity.

• Appropriates $1,000,000 from the general fund to the Department of Treasury for payment to the Authority to support initial operations.