Bill Summary: A03669

• Authorizes municipalities to make grants (in addition to loans) to property owners for rehabilitation, site improvements, and infrastructure in urban development areas and for affordable housing projects.

• Expands the definition of "owner" to include non-profit companies, mutual companies, housing development fund companies, and entities with beneficial (not just record) title, and allows leasehold interests of at least 30-49 years.

• Adds "climate resiliency improvements" as an eligible use of funds under multiple housing finance articles, including improvements to protect against extreme weather and sea level rise.

• Extends loan repayment periods from 30 years to 35 years for various housing programs and allows automatic loan forgiveness provisions based on regulatory compliance rather than owner-occupancy alone.

• Establishes compliance monitoring and subpoena powers for housing agencies and allows them to subject housing accommodations to rent stabilization and emergency tenant protection laws through agreements with owners.