Establishes a mixed-income subaccount within the rental housing revolving fund to finance mixed-income rental housing projects.
This bill establishes the rental housing revolving fund mixed-income subaccount to provide loans for mixed-income rental housing projects. The subaccount will be used to finance projects serving households earning up to 140% of the area median income. The bill authorizes the transfer of funds from the rental housing revolving fund to the mixed-income subaccount. It also outlines criteria for prioritizing projects, including preference for nonprofit organizations and projects serving lower-income households.
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