Raised Bill No. 5128 Summary

• Expands the definition of "administrative expense" under section 8-37qq to explicitly include "affordable housing pursuant to section 8-37pp" and "financial assistance for the development of quality rental housing and homeownership pursuant to section 8-336p" among bond-financed state housing programs, effective from passage.

• Revises section 8-37mm to clarify that bond proceeds ($30 million aggregate authorization, with $15 million effective July 1, 2016) are deposited in a homelessness prevention and response fund managed by the Department of Housing, effective July 1, 2020.

• Restructures the uses of forgivable loans and grants to landlords into three distinct purposes: (1) renovating multifamily homes with building code compliance, (2) funding ongoing maintenance and repair, and (3) capitalizing operating and replacement reserves.

• Requires landlords receiving forgivable loans or grants to participate in rapid rehousing or supportive housing programs and agree to abate rent for a designated period and waive collection of security deposits.

• Limits the Department of Housing's use of bond proceeds for administrative purposes to no more than five percent of the total allocation.