HB 925 Summary

• Amends section 201H-191 to require the Dwelling Unit Revolving Fund to provide zero-interest loans or grants to buyers with incomes between 60-140% of median family income for the State.

• Authorizes the Dwelling Unit Revolving Fund to provide aid to existing for-sale housing projects in development that have received prior entitlements or loans to address increased construction costs or interest rates.

• Appropriates $10,000,000 to the Dwelling Unit Revolving Fund for fiscal years 2023-2024 and 2024-2025 from general revenues.

• Appropriates additional unspecified funds to the Rental Housing Revolving Fund for mixed-income rental projects targeting individuals and families with incomes at or below 100% of median family income, with allocation for low-income housing tax credit projects and support for existing affordable rental projects.

• Takes effect July 1, 2023, with all appropriations not expended by June 30, 2025 to lapse.