Establishes the accessory dwelling unit forgivable loan program by the Division of Homes and Community Renewal to incentivize affordable housing.

The bill enacts the "accessory dwelling unit incentive act" to create a forgivable loan program for accessory dwelling units, aiming to increase affordable housing. The Division of Homes and Community Renewal will establish this program, offering loans to property owners for creating accessory dwelling units. These units must be rented according to occupancy, income, and rent guidelines. The loans will be forgiven if the units are rented to compliant tenants for the entire 20-year period. The bill also includes provisions for tax exemptions and technical assistance for homeowners.

Establishes the accessory dwelling unit forgivable loan program by the Division of Homes and Community Renewal to incentivize affordable housing.

The bill enacts the "accessory dwelling unit incentive act" to create a forgivable loan program for accessory dwelling units, aiming to increase affordable housing. The Division of Homes and Community Renewal will establish this program, offering loans to property owners for creating accessory dwelling units. These units must be rented according to occupancy, income, and rent guidelines. The loans will be forgiven if the units are rented to compliant tenants for the entire 20-year period. The bill also includes provisions for tax exemptions and technical assistance for homeowners.