This bill mandates that applicants for construction permits disclose detailed information regarding the anticipated amounts and sources of funding for their proposed projects. Specifically, it requires that, prior to the issuance of a certificate of occupancy, applicants must either certify the accuracy of the funding information provided or submit updated details if there have been changes. The bill outlines that these requirements do not apply to single-family homes, renovations or repairs of dwelling units, or certain alterations and reconstructions of structures owned by single families or with fewer than three dwelling units.

Additionally, the bill tasks the Commissioner of Community Affairs with the responsibility of adopting rules and regulations within 180 days of enactment to ensure compliance with the funding disclosure requirements. This legislative measure aims to enhance transparency in construction financing and ensure that funding sources are adequately identified and verified throughout the construction process.