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1 Department of Business and Economic Affairs; InvestNH Fund. Amend RSA 12-O:69 to read as follows:
12-O:69 Fund Established. There is hereby established in the office of the state treasurer a fund to be known as the InvestNH fund. The fund shall be composed of appropriations, gifts, grants, donations, bequests, or other moneys from any public or private source. The fund may be expended by the commissioner to accomplish the purposes of RSA 12-O:70 . The moneys in this fund shall be non-lapsing.
2 New Section; Median Income Rental Housing Program. Amend RSA 12-O by inserting after section 70 the following new section:
12-O:71 Median Income Rental Housing Program. 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. The program shall be funded through the InvestNH fund established in RSA 12-O:69. The department shall adopt rules pursuant to RSA 541-A relative to program administration, application procedures, project eligibility criteria, and fund disbursement.
3 Appropriation; InvestNH. The sum of $10,000,000 for the fiscal year ending June 30, 2024, is hereby appropriated to the InvestNH fund established in RSA 12-O:69 for the purposes set forth in RSA 12-O:71. The sum appropriated shall be nonlapsing. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
4 Effective Date. This act shall take effect June 30, 2024.
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1 Department of Business and Economic Affairs; InvestNH Fund. Amend RSA 12-O:69 to read as follows:
12-O:69 Fund Established. There is hereby established in the office of the state treasurer a fund to be known as the InvestNH fund. The fund shall be composed of appropriations, gifts, grants, donations, bequests, or other moneys from any public or private source. The fund may be expended by the commissioner to accomplish the purposes of RSA 12-O:70 andRSA 12-O:71 . The moneys in this fund shall be non-lapsing.
2 New Section; Median Income Rental Housing Program. Amend RSA 12-O by inserting after section 70 the following new section:
12-O:71 Median Income Rental Housing Program. 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. The program shall be funded through the InvestNH fund established in RSA 12-O:69. The department shall adopt rules pursuant to RSA 541-A relative to program administration, application procedures, project eligibility criteria, and fund disbursement.
3 Appropriation; InvestNH. The sum of $10,000,000 for the fiscal year ending June 30, 2024, is hereby appropriated to the InvestNH fund established in RSA 12-O:69 for the purposes set forth in RSA 12-O:71. The sum appropriated shall be nonlapsing. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
4 Effective Date. This act shall take effect June 30, 2024.