H.B. 694 Summary

• Establishes the Permanent Replacement Housing Program to encourage construction or rehabilitation of housing after natural disasters and assist displaced residents until they obtain permanent replacement housing.

• Creates the Permanent Replacement Housing Fund in the state treasury and appropriates $20,000,000 for fiscal year 2020, with funds transferred from the General Revenue Fund.

• Authorizes the Treasurer of State to allocate funds when the governor declares a state of emergency due to natural disaster that substantially damages or destroys housing in affected areas.

• Establishes requirements for qualified housing providers (including 18-month construction/rehabilitation timelines and certificate of occupancy compliance) and qualified residents (displaced by natural disaster, prior rent documentation, no other disaster compensation received).

• Provides rental assistance to displaced residents for temporary housing (up to 25% of annual assistance) and long-term rental assistance to qualified providers (up to 114 months) based on market rent minus the resident's prior rent.