Establishes the small rental housing development initiative to provide funding to eligible applicants to construct small rental housing developments in eligible areas
What changed between versions
Expanded program activities to include acquisition and rehabilitation of housing, not just new construction.
Changed minimum unit size requirement from 20 units or less to between 2 and 20 units.
Redefined eligible areas as rural areas with populations under 30,000 rather than towns or cities with 30,000 or fewer residents.
Extended the loan payback period from 10-20 years to a fixed 20 years.
Added requirement that at least 60% of funds in any fiscal year must go to rural areas.
Added provision allowing developer fees of up to 15% of funds.
Changed oversight authority from Division of Housing and Community Renewal to the Housing Trust Fund Corporation.
Added definition of 'Corporation' as the housing trust fund corporation.
Changed article number from 17-C to 33 (Article XXXIII).
