The bill appropriates $50,000,000 from the general fund to the Housing Finance Agency for the family homeless prevention and assistance program for fiscal year 2023. This funding is intended to be a one-time allocation to support the housing development fund, allowing the agency to award grants to existing program grantees without adhering to certain procurement provisions. Additionally, the bill allows qualified families to receive more than 24 months of rental assistance, which deviates from the current statutory limit.

Furthermore, the bill mandates that by January 15, 2024, and 60 days after the appropriation has been fully expended, the commissioner must report to the legislative committees on housing finance. The report will include the number of applicants and total rental assistance provided, the geographic distribution of the assistance, and the remaining balance of the appropriation at the time of the January report. The provisions of this bill will take effect the day after it is enacted.