AN ACT ESTABLISHING A CONSTRUCTION EMPLOYMENT AND AFFORDABLE HOUSING PILOT PROGRAM.

SB 1362 establishes a one-year pilot program using state bond financing to fund affordable housing projects that create construction jobs. To qualify, projects must secure coinvestment from union pension funds with proven experience in affordable housing, include project labor agreements, and commit to workforce training through state-registered apprenticeship programs. All housing developed under the program must remain permanently affordable via legal restrictions like restrictive covenants. The Commissioner of Housing will manage the program and submit a report on its effectiveness within six months of the pilot's completion.