Establishes an affordable housing program administered by the Division of Homes and Community Renewal, providing loans or grants to property owners.

The bill amends the private housing finance law to establish an affordable housing program administered by the Division of Homes and Community Renewal. It authorizes the division to provide loans or grants to property owners for construction, rehabilitation, site improvements, and other development costs. Recipients must enter into a regulatory agreement, committing to rent housing accommodations at no more than 33% of the tenant's income. The division can require a filing fee and has enforcement powers, including subpoena authority.

Establishes an affordable housing program administered by the Division of Homes and Community Renewal, providing loans or grants to property owners.

The bill amends the private housing finance law to establish an affordable housing program administered by the Division of Homes and Community Renewal. It authorizes the division to provide loans or grants to property owners for construction, rehabilitation, site improvements, and other development costs. Recipients must enter into a regulatory agreement, committing to rent housing accommodations at no more than 33% of the tenant's income. The division can require a filing fee and has enforcement powers, including subpoena authority.