HB 2108 - DIGEST

(SEE ALSO PROPOSED 1ST SUB)

     Directs the commission, in cooperation with the department of community, trade, and economic development, to develop and implement a rental housing preservation program that:  (1) Provides subsidized or unsubsidized mortgage financing for multifamily rental housing;

     (2) provides flexible loan underwriting guidelines, including but not limited to provisions that encourage ownership of multifamily housing by nonprofit organizations;

     (3) gives priority funding, through the commission, to multifamily rental housing projects that result in the long-term preservation of housing for moderate-income households;

     (4) targets existing public and private resources to assist in the new construction, rehabilitation, or acquisition of multifamily rental housing for moderate-income households; and

     (5) uses a portion of the revenue generated from the issuance of bonds under this chapter to assist in the new construction, rehabilitation, or acquisition of multifamily rental housing for moderate-income households.

     Makes an appropriation of five million dollars for the biennium ending June 30, 2001, from the state building construction account to the moderate-income housing preservation account for the purposes of this act.