This bill aims to expand the use of affordable housing voucher program funding to assist with homeownership expenses. It amends existing legislation to require the Commissioner of Community Affairs to reserve a portion of the funding from the State Rental Assistance Program (SRAP) to establish a program similar to the federal section 8 Housing Choice Voucher Homeownership Program. This program would allow eligible households to use their vouchers for homeownership costs, including mortgage payments, insurance, taxes, and utilities, rather than solely for rental payments.

Additionally, the bill mandates that local housing authorities administering the federal section 8 Housing Choice Voucher Program implement the Housing Choice Voucher Homeownership Program, making it a requirement rather than an option. The bill includes provisions for the Commissioner to adopt necessary rules and regulations within six months of enactment, allowing time for preparation and implementation of these changes.

Statutes affected:
Introduced: 52:27D-287.1