Establishes a program to provide financial assistance for urgent repairs at affordable multifamily rental properties.
The bill establishes the Affordable Multifamily Rental Housing Stabilization Program within the Department of Housing and Community Development. The program aims to provide financial assistance to owners of affordable multifamily rental properties with emergency or urgent capital repair needs. It authorizes the Governor to include an appropriation of $5,000,000 in the annual budget bill for fiscal years 2028 through 2031. The program may offer low- or no-interest loans or grants, with a maximum award of $1,000,000 per property per fiscal year.
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- Core Provisions
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- Legal Framework
- Critical Issues
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