This bill establishes a Housing Champion Business Loan Program, allowing municipalities designated as New Hampshire housing champions to participate in 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 revolving low-interest rate business loan program aimed at fostering growth and job creation in these designated communities. The BFA will review and approve proposed loans before they are granted.

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 New Hampshire Housing Champion Designation and Grant Program Fund, and $1,000,000 designated for the Housing Champion Business Loan Program. Both appropriations are 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 act is set to take effect on July 1, 2025.

Statutes affected:
Introduced: 12-O:71