This bill establishes the Housing Development Fund under the Department of Housing to promote affordable and available housing development, redevelopment, and updates. The fund will consist of various sources, including appropriations from the American Recovery Program Act, state budget, federal programs, private contributions, loan repayments, sale or rental proceeds, and fees. The bill defines terms related to housing and creates a housing land bank program, allowing the Department of Housing to acquire and manage real estate assets for residential development. Municipalities can transfer property to the land bank, which must maintain a public inventory of its assets. The bill also outlines the powers of the Department of Housing, including setting terms for assistance, approving funding, and publishing annual reports on the fund's use.

The bill amends current law to give the Department of Administration the authority to manage real estate assets, including maintaining an inventory, rejecting problematic transfers, and exempting land bank-held land from legal processes. It requires public bodies to review and plan for unused real estate assets, potentially transferring suitable parcels for residential development to the land bank. The bill exempts certain assets from sale procedures and establishes the Department of Housing's role in administering residential development programs, including acquiring and disposing of property, and coordinating with other agencies and entities. It also outlines the process for municipalities to receive education aid adjustments for sponsoring affordable housing and sets criteria for housing developments and rehabilitation programs. The bill includes provisions for the sale and rental of housing units developed with assistance, ensuring they remain affordable and owner-occupied, with deed restrictions enforced by the Department of Housing. Finally, the bill repeals certain zoning ordinances and clarifies that it does not supersede historical or airport zoning, taking effect upon passage.

Statutes affected:
866: 42-64-11, 37-6-6, 45-24-28