Revision: March 21, 2024, 9:48 a.m.
Sen. Fenton, Dist 10
March 20, 2024
2024-1275s
06/02
Floor Amendment to SB 384-FN-A
Amend RSA 12-O:71 as inserted by section 2 of the bill by replacing it with the following:
12-O:71 Median Income Rental Housing Program.
I. The department shall establish, as an extension of the InvestNH program, a median income rental housing program, the purpose of which shall be to provide grants and loans to municipalities for the purpose of land acquisition and development of rental housing. Property purchased in part, or in whole, with grants or loans from the program shall provide rental housing, where no less than 20 percent of the units are intended for occupancy by households with incomes up to 80 percent of the area median income, as established by the U.S. Department of Housing and Urban Development. Such affordability standards shall be maintained for at least 20 years. The department shall adopt rules pursuant to RSA 541-A relative to program administration, application procedures, project eligibility criteria, and fund disbursement.
II. Loans to municipalities under this program shall be for terms not to exceed five years.
III. Grants to municipalities shall require that they be used to make loans to developers of housing that meets the standards identified in paragraph I above. Loans made by the municipality must be fully repaid by the developer, minus the value of any long-term affordability restrictions retained by the municipality.