Establishes the vacant rental improvement program to provide grants of up to $75,000 per unit to owners of buildings with five or fewer units.

The bill establishes the vacant rental improvement program to provide grants of up to $75,000 per unit to owners of buildings with five or fewer units. The housing trust fund corporation will make these capital grants, subject to appropriation, for necessary improvements to rental units located outside of a city with a population of one million or more. Receipt of such capital grants is conditioned upon a regulatory agreement by the owners to lease the renovated units at a rate affordable to persons earning no more than eighty percent of area median income for ten years.

Establishes the vacant rental improvement program to provide grants of up to $75,000 per unit to owners of buildings with five or fewer units.

The bill establishes the vacant rental improvement program to provide grants of up to $75,000 per unit to owners of buildings with five or fewer units. The housing trust fund corporation will make these capital grants, subject to appropriation, for necessary improvements to rental units located outside of a city with a population of one million or more. Receipt of such capital grants is conditioned upon a regulatory agreement by the owners to lease the renovated units at a rate affordable to persons earning no more than eighty percent of area median income for ten years.