The proposed bill, known as the Housing Recovery Act, aims to amend section 122.98 and enact new sections 122.982 and 122.983 of the Revised Code to enhance the Residential Development Revolving Loan Program in Ohio. Key modifications include the removal of specific references to rural areas and single-family homes, replacing them with a broader focus on increasing the availability of residential housing statewide. The eligibility criteria for borrowers have been adjusted, allowing counties, townships, and municipal corporations to apply for loans based on population and housing unit data. The bill specifies that loan proceeds can be used for developing infrastructure necessary for residential projects and making construction costs more affordable, while prohibiting the use of funds for routine maintenance or excessive upgrades.

Additionally, the bill introduces a tiered funding structure for the loan program based on county populations, with provisions for equal initial funding across tiers and the ability for the director of development to redistribute funds as needed. The application process for loans is outlined, requiring detailed project descriptions, cost estimates, and compliance with various regulations. The act also establishes scoring metrics for prioritizing loan applications based on housing needs and economic impact, while ensuring that no fees are levied on applicants. Overall, the Housing Recovery Act seeks to improve access to affordable housing through a more flexible and responsive loan program.

Statutes affected:
As Introduced: 122.98