SB51

Establishes an account to reimburse cities and counties for reducing or subsidizing fees for affordable housing projects.

This bill creates the Account for Housing Expansion Through Local Partnerships in the State General Fund, with an initial appropriation of $20,000,000. It allows cities and counties to request reimbursement from the account for reducing or subsidizing certain fees to support affordable housing projects. The Division of Housing within the Department of Business and Industry reviews these requests and, if approved, forwards them to the State Board of Examiners. The Board then recommends the allocation to the Interim Finance Committee, which must approve any distribution from the account.