Digest: The Act would create a fund for grants to developers of affordable housing. (Flesch Readability Score: 63.4). Authorizes cities and counties to adopt a program for awarding grants to developers of affordable housing and moderate income housing projects to finance certain costs associated with such housing projects. Directs the Housing and Community Services Department to develop a revolving loan program to make interest-free loans to participating cities and counties to fund the grants. Imposes an annual fee on each grantee developer in repayment of the loans. Provides for the distribution of the fee moneys first to fire districts for ad valorem property taxes and then to the department in repayment of the loan that funded the grant awarded to the developer. Takes effect on the 91st day following adjournment sine die.
No votes to display
In committee upon adjournment.
Referred to Housing and Development, then Ways and Means.
Introduction and first reading. Referred to President's desk.
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