This 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. The funds are intended for transfer to the housing development fund and are designated as a one-time appropriation. The bill allows the agency to award grants to existing program grantees without adhering to certain procurement provisions, and it mandates that the agency make best efforts to utilize the funds by June 30, 2024. Additionally, it permits qualified families to receive more than 24 months of rental assistance, deviating from existing limitations.

Furthermore, the bill requires the commissioner to provide a report by January 15, 2024, and again 60 days after the appropriation has been fully expended. This report must include the number of applicants and total rental assistance provided, the geographic distribution of the assistance, and the remaining balance of the appropriation as of the January report. The provisions of this bill will take effect the day after it is enacted.