S.B. 1362 Summary

• Removes the requirement that the rental assistance revolving fund provide up to $25,000,000 plus bond proceeds for interim construction financing to develop affordable rental housing.

• Eliminates provisions giving preference to private nonprofit and for-profit entities when allocating interim construction financing for affordable housing projects.

• Narrows the fund's purpose to making rental assistance payments and subsidizing tenants' rents in eligible projects, removing the interim construction financing purpose.

• Retains the fund's core function of assisting low- and moderate-income families and individuals by providing rental assistance payments to keep housing affordable.