The bill amends the State Housing Development Authority Act of 1966, specifically section 58c, to enhance the authority's ability to provide financial assistance for housing. It allows the authority to make grants, mortgage loans, or other loans to eligible applicants for various housing-related purposes, including acquisition, rehabilitation, new construction, and community development projects. The bill updates the terminology to include "low-income, extremely low-income, or middle-income households" and expands the types of assistance available, such as support for nonprofit organizations and community development financial institutions.

Additionally, the bill modifies the authority's discretion regarding fund expenditures, allowing it to provide assistance to individuals with disabilities and those living in distressed areas. It also establishes a new advisory council, replacing the previous committee, to guide the authority's functions. The enactment of this bill is contingent upon the passage of related legislation.

Statutes affected:
House Introduced Bill: 125.1458