The proposed Bill No. 408 aims to allocate a total of $3.35 billion from the General Fund to the Department of Housing over the next five fiscal years, concluding on June 30, 2030. The funding is designated for various affordable and supportive housing initiatives, which include $520 million for the development of affordable housing, $1.3 billion for capital improvements in state-aided public housing units (with specific allocations of $100 million for decarbonization projects and $10 million for accessibility upgrades), and $180 million for the creation and rehabilitation of climate-resilient affordable housing. This encompasses efforts such as converting vacant commercial spaces into residential units, supporting transit-oriented housing, and developing modular and social housing.

The bill emphasizes the importance of investing in affordable and supportive housing to address housing needs within the community. The proposed legal language introduces significant funding allocations while there are no deletions from current law noted in the text provided. The overall goal is to enhance housing accessibility and sustainability through targeted financial support.