Proposed Bill No. 5115, introduced by Representative Candelaria J. of the 95th District, seeks to empower the State Bond Commission to authorize the issuance of state bonds to support affordable housing development. The bill specifies that bonds can be issued in amounts not exceeding a total of $250 million, with an allocation of $50 million available each year for the next five years. The proceeds from these bonds would be used by the Department of Housing to provide grants-in-aid to nonprofit organizations that assist individuals experiencing homelessness. These nonprofits would work in collaboration with local public housing authorities to develop affordable housing projects.

The purpose of the bill is to secure funding for certain nonprofit organizations to facilitate the creation of affordable housing in partnership with local public housing authorities. The bill does not include any text regarding insertions or deletions to current law, as it appears to be a standalone proposal for a new bond authorization rather than an amendment to existing statutes.