Establishes the vacant rental improvement program

This bill creates a new program to provide grants of up to $75,000 per unit to owners of small buildings with five or fewer units for making necessary improvements to rental properties. To receive these funds, owners must agree to lease the renovated units at affordable rates for tenants earning no more than 80% of the area median income for a period of ten years. The program specifically targets buildings located outside of cities with a population of one million or more and prioritizes units that are currently vacant or have code violations. If an owner violates the lease affordability agreement, the state reserves the right to recoup the full amount of the grant received.