Establishes the small rental housing development initiative to provide funding to eligible applicants to construct small rental housing developments.

The bill establishes the small rental housing development initiative to provide funding to eligible applicants to construct small rental housing developments in eligible areas. Eligible applicants are housing or community development not-for-profit organizations. The initiative provides zero-interest loans for the acquisition, rehabilitation, and construction of affordable rental housing. The loans are forgiven if the property remains affordable. The bill defines terms such as "rural area," "low to moderate-income household," and "period of affordability.

Establishes the small rental housing development initiative to provide funding to eligible applicants to construct small rental housing developments.

The bill establishes the small rental housing development initiative to provide funding to eligible applicants to construct small rental housing developments in eligible areas. Eligible applicants are housing or community development not-for-profit organizations. The initiative provides zero-interest loans for the acquisition, rehabilitation, and construction of affordable rental housing. The loans are forgiven if the property remains affordable. The bill defines terms such as "rural area," "low to moderate-income household," and "period of affordability.