The General Assembly Raised Bill No. 1362 aims to establish a pilot program focused on creating employment opportunities in the construction industry while developing affordable housing. Effective July 1, 2025, the bill authorizes the State Bond Commission to issue bonds, with proceeds allocated to the Department of Housing for financing approved projects. The bonds will be general obligations of the state, backed by its full faith and credit, and will mature within twenty years. The bill also stipulates that the issuance of these bonds is contingent upon a request from the Secretary of the Office of Policy and Management.

Additionally, the bill mandates the Commissioner of Housing to create a one-year pilot program that will accept applications for funding from project sponsors. To qualify for financing, project sponsors must secure co-investment from union pension funds and adhere to specific criteria, including the inclusion of a project labor agreement and workforce training commitments. All housing developed through this program must remain permanently affordable. A report analyzing the pilot program's effectiveness and potential recommendations for expansion will be submitted to the General Assembly within six months of the program's completion.