Requires HMFA to establish affordable housing insurance pilot program; appropriates $5 million.*

This bill allows for-profit organizations that provide low- and moderate-income housing to join with non-profit housing groups and housing authorities in shared insurance funds. It defines eligible for-profit entities as those focused on housing developments under state fair share plans or federal Section 8 programs. The shared funds cannot include municipalities, school boards, or offer health/life insurance to employees, but may provide environmental liability coverage or join higher-level insurance pools for excess risks. This changes how these housing entities access insurance options under existing law, without creating new funding or a pilot program.