HB 633 Summary

• Changes deed restrictions on government-assisted housing from 10 years to perpetual, requiring units to remain affordable to the same area median income level they were originally offered at.

• Eliminates the corporation's ability to capture appreciation in real property value after 10 years; removes shared appreciation equity program provisions for these units.

• Requires qualified nonprofit housing trusts that purchase units to establish new perpetual buyback restrictions rather than temporary ones.

• Modifies Section 201H-23 to clarify that high-density for-sale developments (75+ units per acre) without government financing are subject to three-year (not perpetual) occupancy and transfer restrictions.

• Takes effect July 1, 2023.