Relating to: a condominium conversion reimbursement grant program. (FE)

SB 481 creates a new grant program to reimburse owners of multifamily housing for costs associated with converting their properties into condominiums. The program covers specific expenses like attorney fees, permitting fees, and other project-related costs, with a maximum reimbursement of $50,000 per property and a total fund limit of $10 million. Grants are funded through the existing Main Street Housing Rehabilitation Revolving Loan Fund, and recipients must report details including grant amounts, property locations, and project descriptions. This bill directly affects multifamily housing owners seeking to convert their properties, providing financial support for conversion costs while requiring transparency in grant allocation.