AN ACT ESTABLISHING A HOUSING DEVELOPMENT AUTHORITY TO PROMOTE PERMANENT AFFORDABLE HOUSING.

HB 6342 establishes a Housing Development Authority to create permanent affordable housing. The bill directly affects low-income renters and housing providers by requiring the Authority to acquire and develop housing units (including single-family and multifamily properties) with strict rent limits: no more than 25% of a household's adjusted gross income, plus a maximum 3% annual rent increase. Key provisions include capping rents, shielding housing from market speculation, financing projects for nonprofits and public housing authorities, and offering shared equity home ownership options. The Authority will also provide tenant purchase rights and foreclosure relief for borrowers facing economic hardship. This focuses on creating long-term affordability through concrete housing development and rent regulation.