RELATING TO HOUSING.

The funding source changed from the 'dwelling unit revolving fund' to the 'rental housing revolving fund,' and the mechanism changed from providing grants to purchasing equity from homeowners.

New eligibility requirements mandate that applicants must own no other real property and must agree to prioritize tenancy to government employees.

A new cap was added limiting county contributions to 8% of the property's appraised value, with a maximum annual allocation of $2,000,000.

The bill includes a sunset provision, requiring the program to end on January 1, 2031, and mandates a performance report be submitted to the legislature by January 2031.

The definition of 'eligible homeowner' was modified to explicitly exclude those who own other real property.

New repayment terms were added, requiring homeowners to repay the corporation within 15 years or upon the sale of the property, whichever comes first.

The bill header and internal tracking numbers were updated to reflect the second House Draft version (HD2).

Added a new subsection requiring grant applicants to agree to specific conditions, such as using funds exclusively for the program, indemnifying the state, and allowing state agencies to audit their records.

Clarified the definition of a 'Qualified business' by removing the word 'partnership' from the list of eligible entity types.

Strengthened the priority of deed restrictions by specifying they take first priority over other restrictions, except for specific conditions in planned communities.

Extended the sunset provision for the bill, adding a clause to prevent the repeal of a specific section if it is reenacted in 2027.

Expanded statutory exemptions to explicitly include documents conveying real property with county-owned deed restrictions.

Updated the definition of a 'qualified business' to require a physical presence in the State and a valid business license, removing the specific requirement to pay state income taxes.

Changed the funding mechanism from a mandatory county application for a specific dollar amount to a discretionary annual lump sum allocation by the corporation.

Revised the deed restriction requirements to allow for secondary restrictions in planned communities under specific chapters, and removed the requirement that tenants work within the State, changing it to work at a qualified business generally.

Removed the requirement for initial leases to be for a minimum of six months, while keeping the option to transfer to month-to-month after the original term.

Added an exemption for contracts entered into by counties under this subpart from Chapter 103D.

Changed the effective date of the Act from July 1, 2025, to July 1, 3000.