Requires state and local governmental entities to: (1) Identify and catalog publicly owned real property within an urban development area that is underutilized or otherwise no longer suitable for government purposes; and

(2) Provide the inventories to the department of commerce by November 1st each year.

Creates the affordable housing land bank within the department of commerce and allows property in the land bank to be leased to eligible organizations for the construction or operation of a housing project or development that dedicates at least eighty percent of its units to provide affordable housing.