This bill establishes an Affordable Housing Guaranteed Loan Program within the housing finance authority aimed at promoting affordable housing for low- and moderate-income individuals. It introduces new definitions for "affordable housing," "person of low income," "person of moderate income," and "person of very low income," which are based on income thresholds relative to the state median income. The program will allow the authority to issue guarantees for loans up to 80% of the principal amount, with a cap of $30 million per lender per fiscal year and an aggregate limit of $100 million in guaranteed loans annually. The authority is also tasked with adopting rules regarding the program's administration, including the selection of eligible lenders and the types of activities eligible for financing.

Additionally, the bill outlines the eligibility criteria for applicants seeking loan guarantees, which include being a registered nonprofit or for-profit entity, demonstrating a need for affordable housing, and ensuring compliance with the program's requirements. The authority is required to monitor borrowers to ensure ongoing compliance and to report on the use of funds provided under the program. The bill emphasizes the state's commitment to support the program by pledging its full faith and credit to redeem the issued guarantees, with the state treasurer authorized to advance necessary funds to the authority. The act will take effect 60 days after its passage.

Statutes affected:
Introduced: 135-C:2, 135-C:68
As Amended by the Senate: 135-C:2, 135-C:68
As Amended by the Senate (2nd): 135-C:2, 135-C:68
As Amended by the House: 135-C:2, 135-C:68
Version adopted by both bodies: 135-C:2, 135-C:68
CHAPTERED FINAL VERSION: 135-C:2, 135-C:68