Establishes the rental housing revolving fund to provide loans for rental housing projects.
The bill establishes the rental housing revolving fund to provide loans for the development, pre-development, construction, acquisition, preservation, and rehabilitation of rental housing units. The fund is administered by the corporation and may receive appropriations, conveyance taxes, private contributions, and other sources. Loans are prioritized for projects with a perpetual affordability commitment, low-income housing credits, and projects on state or county-owned land. The fund also includes a housing efficiency and innovation subaccount for specific loan purposes.
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