Relating to nonprofit organizations that provide financial assistance for affordable housing.
Catchline/Summary:
Directs Housing and Community Services Department to establish Affordable Homeownership Grant Program to provide grants to eligible nonprofit organizations with affordable homeownership programs to provide opportunities for homeownership to persons in low income households. Directs Housing and Community Services Department to establish Affordable Homeownership Grant Program to provide grants to eligible nonprofit organizations with affordable homeownership programs to provide opportunities for homeownership to persons in low income households. Delineates program requirements.
Requires nonprofit organization grant recipients to create revolving fund to purchase or leverage mortgage loans or purchase, construct or rehabilitate homes and manufactured homes for sale to persons in low income households that are first-time homeowners.
Establishes Affordable Homeownership Grant Program Fund and continuously appropriates moneys in fund to department.
Appropriates moneys to department to make grants to eligible nonprofit organizations to participate in program.
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HB 2570 Joint Committee On Ways and Means
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