This bill establishes a Median Income Rental Housing Program under RSA 12-O:71, which will provide grants and loans to municipalities for the purpose of acquiring and developing rental housing. The program requires that at least 20% of the units in the rental housing be intended for households with incomes up to 80% of the area median income. The program will be funded through the InvestNH fund, and the bill appropriates $10,000,000 from the general fund for the fiscal year ending June 30, 2024, to the InvestNH fund for the purposes of funding the program.

The bill also expands the purpose of the InvestNH fund to include the Median Income Rental Housing Program. The fund will be composed of appropriations, gifts, grants, donations, bequests, or other moneys from any public or private source, and can be expended by the commissioner to accomplish the purposes of RSA 12-O:70 and RSA 12-O:71. The moneys in the fund will be non-lapsing. The department will adopt rules for program administration, application procedures, project eligibility criteria, and fund disbursement. The bill will take effect on June 30, 2024.

Statutes affected:
Introduced: 12-O:69