The General Assembly Raised Bill No. 1365 proposes the establishment of a grant program by the Department of Housing 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 bill outlines that the Commissioner of Housing will develop standards for the program, including eligibility criteria, application forms, and deadlines, which will be made publicly available on the department's website by November 1, 2025.

Additionally, the bill mandates that the Department of Housing submit an annual report to the relevant legislative committee starting January 1, 2027, detailing the number of grant applications received, grants awarded, and the amounts granted. The Commissioner is also authorized to adopt regulations to implement the provisions of this new section, which will take effect on July 1, 2025. The bill does not propose any deletions from current law but introduces new legal language to establish this grant program.