The General Assembly Raised Bill No. 5368 aims to address the issue of deeply affordable housing in the state by defining "deeply affordable housing" as housing that is deed-restricted for rental or sale to individuals and families earning thirty percent or less of their annual income, provided that this income does not exceed forty percent of the state's median income. The bill mandates the Department of Housing to conduct a comprehensive study on the availability of such housing across the state, focusing on various aspects including county-specific availability, obstacles to development, and the potential effectiveness of a grant program designed to incentivize the creation of deeply affordable housing.

The study is required to examine the aforementioned factors and provide recommendations for the development of the grant program. The Commissioner of Housing is tasked with reporting the findings of this study to the relevant joint standing committee of the General Assembly by January 1, 2027. The bill introduces new legal language to establish these requirements and does not propose any deletions from existing law.