The bill amends the State Housing Development Authority Act of 1966 by updating Section 58c to enhance the authority's ability to provide financial assistance for housing. Key changes include the expansion of eligible households to include low-income, extremely low-income, and middle-income groups, while removing references to "home ownership" and "low income" as separate categories. The bill also introduces new forms of assistance, such as support for capacity building, local and regional planning, and housing studies, as well as assistance to nonprofit organizations and community development financial institutions.

Additionally, the authority is granted more flexibility in how it can allocate funds, allowing for loans at no interest or below market rates, and the potential to provide assistance for housing units occupied by a mix of income levels. The bill also establishes the requirement for the authority to consider advice from a newly created statewide housing partnership council, which will replace the previous committee structure. The enactment of this bill is contingent upon the passage of related legislation.

Statutes affected:
House Introduced Bill: 125.1458