Repeals requirements for rental housing projects to set aside units for low-income families and grants for such units.

The bill repeals statutory requirements for rental housing projects to set aside units for persons and families with incomes at or below thirty percent of the median family income. It also repeals the provision for grants to developers for rental units set aside for such low-income families in projects financed by the rental housing revolving fund. The fund will still provide loans for rental housing projects, with priority given to projects serving low-income families. The bill takes effect on July 1, 2025.

Repeals requirements for rental housing projects to set aside units for low-income families and grants for such units.

The bill repeals statutory requirements for rental housing projects to set aside units for persons and families with incomes at or below thirty percent of the median family income. It also repeals the provision for grants to developers for rental units set aside for such low-income families in projects financed by the rental housing revolving fund. The fund will still provide loans for rental housing projects, with priority given to projects serving low-income families. The bill takes effect on July 1, 2025.