The General Assembly Raised Bill No. 1365 proposes the establishment of a grant program by the Department of Housing, effective July 1, 2025, aimed at creating affordable housing developments. Under this program, at least sixty percent of the dwelling units must be deed restricted for individuals or families with a maximum annual income of thirty-five thousand dollars. The Commissioner of Housing is tasked with developing standards for the program, which may involve collaboration with various state and local agencies. Additionally, the Commissioner will create eligibility criteria, application forms, and deadlines, which will be made publicly available on the department's website by November 1, 2025.

Furthermore, the bill mandates that the Department of Housing submit an annual report to the relevant legislative committee starting January 1, 2027. This report will detail the number of grant applications received, grants awarded, and a list of recipients along with the amounts granted. The Commissioner is also authorized to adopt regulations to implement the provisions of this new section. The bill does not propose any deletions from existing law but introduces new legal language to establish the grant program.