SB 21-242

Abstract

The act allows the division of housing within the department of local affairs to use the housing development grant fund for rental assistance, tenancy support service programs, and awarding grants and loans for the rental, acquisition, or renovation of underutilized hotels, underutilized motels, and other underutilized properties to provide noncongregate sheltering or affordable housing for people experiencing homelessness. The act expands those who are eligible to benefit from the rental assistance and tenancy support programs to include individuals experiencing homelessness.The act transfers $30 million from the affordable housing and home ownership cash fund to the housing development grant fund for the funding of rental assistance and tenancy support programs related to the rental, acquisition, or renovation of underutilized hotels, underutilized motels, and other underutilized properties, and the awarding of grants and loans for the rental, acquisition, or renovation of underutilized hotels, underutilized motels, and other underutilized properties. The act also transfers $15 million from the general fund to the affordable housing and home ownership cash fund.Additionally, the act requires the department of local affairs, during its annual report to the assigned committee of reference, to report on the rental and tenancy support service programs provided by the division of housing related to the rental, acquisition, or renovation of underutilized hotels, underutilized motels, and other underutilized properties and the grants and loans awarded by the division for the rental, acquisition, or renovation of underutilized hotels, underutilized motels, and other underutilized properties.Finally, the act further expands the permissible use of the housing development grant fund to allow the awarding of grants to nonprofit organizations for the issuance of direct assistance to individuals who are currently experiencing financial need and are not eligible for certain other types of assistance. The act transfers $15 million from the general fund to the housing development grant fund for this purpose and requires the state treasurer to transfer all unexpended and unencumbered money that is transferred to the fund for this purpose to the general fund on June 30, 2022.(Note: This summary applies to this bill as enacted.)