This bill establishes a Housing Champion Business Loan Program, allowing municipalities designated as New Hampshire housing champions to access a business loan program administered by the New Hampshire Business Finance Authority (BFA). The bill inserts new legal language into RSA 12-O:71, specifically adding a paragraph that makes these municipalities eligible for the program under RSA 162-A:9-b. Additionally, a new section, RSA 162-A:9-b, is created to outline the parameters of the loan program, which will provide low-interest loans to encourage growth and job creation in designated communities, contingent upon approval from the BFA's board of directors.

To support these initiatives, the bill appropriates a total of $6,000,000 for the biennium ending June 30, 2027, with $5,000,000 allocated to the Department of Business and Economic Affairs for the Housing Champion Designation and Grant Program Fund, and $1,000,000 to the BFA for the Housing Champions Business Loan Program. Both appropriations are designated as nonlapsing, meaning they will not expire at the end of the fiscal year. The bill also removes an obsolete cross-reference in RSA 110-B:73-c, II (e). The effective date for this act is set for July 1, 2025.

Statutes affected:
Introduced: 12-O:71