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 not just for rent, but also for mortgage-related expenses such as principal, interest, insurance, taxes, and utilities.

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 a choice. This change is intended to enhance access to homeownership for low-income individuals and families. The bill is set to take effect six months after its enactment, allowing time for the necessary preparations by the Department of Community Affairs and local housing authorities.

Statutes affected:
Introduced: 52:27D-287.1