The proposed legislation, General Assembly Raised Bill No. 1361, aims to establish a Housing Growth Fund, which will be administered by the Commissioner of Economic and Community Development. This fund will be utilized to provide grants to eligible municipalities with the goal of increasing the availability of affordable housing, promoting the production of housing for low and moderate-income families, and maximizing residential, commercial, and leisure spaces near transit facilities. The bill mandates that the commissioner allocate fifty million dollars annually to the fund and develop eligibility criteria, application forms, and deadlines for municipalities seeking grants.

Additionally, the bill requires the commissioner to submit an annual report to the relevant legislative committee detailing the number of grant applications received, grants awarded, and the municipalities that benefited from the funding, including the purpose and amount of each grant. The act is set to take effect on July 1, 2025, and introduces new legal language to current law while deleting outdated provisions.