Title
AN ACT CONCERNING SMALL HOUSING PROVIDER FINANCING PROGRAM for the purpose of establishing a small housing provider financing program within the Housing Investment Trust Fund to provide grants and low-interest financing for small landlords who own a limited number of rental units and agree to preserve affordability; amending the purposes and uses of the Fund to provide for the program; making certain technical corrections; and generally relating to the Housing Investment Trust Fund.
Background
This bill will establish a program to provide financial assistance from the Housing Investment Trust Fund to small housing providers in the form of grants and/or loans in order to finance moderate renovations, repairs, and the elimination of hazardous and unsafe living conditions. In order to be eligible, an applicant must agree to maintain at least 50% of the units as affordable units, as defined in the bill.