Adds to the list of criteria for the department of community, trade, and economic development to evaluate grant and loan applications for housing trust fund funds.

Requires the department of community, trade, and economic development to submit an annual report to the legislature and the office of financial management that compiles county auditor reports on the affordable housing and homeless housing surcharges.

Requires the housing finance commission and county auditors to include a life-cycle cost analysis in their processes for evaluating proposals for awarding funding for low-income housing.

Requires county auditors to submit an annual report to the department of community, trade, and economic development that describes the distribution of all unreported funds collected in previous fiscal years.