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HI SB71
Bill
Status
Engrossed
3/4/2025
Primary Sponsor
Stanley Chang
Click for details
AI Summary
- Establishes a mixed-income subaccount within the Rental Housing Revolving Fund to finance workforce rental housing projects for households earning up to 140% of area median income
- Creates a separate application process for the subaccount that prioritizes projects with diverse affordability levels, location on state/county land, loans projected to be repaid within 40 years, and gives preference to nonprofit projects when equally ranked
- Authorizes the Director of Finance to transfer funds from the Rental Housing Revolving Fund into the new mixed-income subaccount
- Appropriates unspecified amounts from general revenues into the subaccount and authorizes expenditures for fiscal years 2025-2026 and 2026-2027
- Addresses the gap in funding for middle-income rental housing (60-140% AMI) that is currently unavailable because existing revolving fund moneys are prioritized for low-income housing tax credit projects serving households at 60% AMI or below
Legislative Description
Relating To The Rental Housing Revolving Fund.
Appropriation
Last Action
Carried over to 2026 Regular Session.
12/8/2025
Committee Referrals
Finance3/18/2025
Housing3/6/2025
Ways and Means2/5/2025
Housing1/16/2025
Full Bill Text
No bill text available