HB 417 Summary

• Establishes a Housing Efficiency and Innovation Subaccount within the Rental Housing Revolving Fund for financing rental, rent-to-own, or for-sale housing projects for qualified residents, with the corporation authorized to transfer funds between the subaccount and main fund without legislative approval.

• Expands permissible uses of the rental housing revolving fund to include equity investments and credit enhancement in addition to loans for development, acquisition, preservation, and rehabilitation of rental housing.

• Prioritizes subaccount funding for projects on state or county-owned land, projects with efficient use of state funding, mixed-income projects serving diverse income ranges, and projects prioritizing government employees.

• Amends fund allocation criteria to give preference to nonprofit or government projects equally ranked with for-profit projects in allotting fund moneys.

• Appropriates unspecified sums from general revenues for fiscal years 2025-2026 and 2026-2027 to the rental housing revolving fund and housing efficiency and innovation subaccount; effective date July 1, 2050.