Establishes the housing efficiency and fairness act.

Requires the state auditor, in auditing the housing finance commission, to examine the performance of the commission in meeting its housing finance objectives for the state in the most cost-effective and efficient manner.

Requires the housing finance commission, if it determines that it has not received an adequate number of suitable applications for nonrural projects during a given funding cycle, to allocate unused money for predevelopment, feasibility studies, and capacity building projects in nonrural areas of the state.

Prohibits a jurisdiction that accepts payment of money or property in lieu of low-income housing units from being eligible for money from the housing trust fund.