H.B. 925 Summary

• Amends Section 201H-191 to require the Dwelling Unit Revolving Fund 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 from the fund to address increased construction costs or interest rates.

• Appropriates $10,000,000 for fiscal years 2023-2024 and 2024-2025 from general revenues to the Dwelling Unit Revolving Fund (specific allocation amounts left blank in bill).

• Appropriates funds from general revenues to the Rental Housing Revolving Fund for mixed-income rental projects targeting individuals and families with incomes between 60-100% of median family income, including low-income housing tax credit projects and funding for existing affordable rental projects facing cost increases (specific amounts left blank in bill).

• Takes effect July 1, 2023, with appropriations not lapsing until June 30, 2025.