Revision: Jan. 2, 2024, 9:31 a.m.
SB 384-FN-A - AS INTRODUCED
2024 SESSION
24-3050
06/05
SENATE BILL 384-FN-A
SPONSORS: Sen. Fenton, Dist 10; Sen. Whitley, Dist 15; Sen. Altschiller, Dist 24; Sen. Perkins Kwoka, Dist 21; Sen. Soucy, Dist 18; Sen. D'Allesandro, Dist 20; Sen. Chandley, Dist 11; Rep. D. Paige, Carr. 1; Rep. Almy, Graf. 17; Rep. Gallager, Merr. 20
COMMITTEE: Election Law and Municipal Affairs
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ANALYSIS
This bill directs the department of business and economic affairs to establish a median income rental housing program and makes an appropriation to the InvestNH fund for this purpose.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
24-3050
06/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Four
Be it Enacted by the Senate and House of Representatives in General Court convened:
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 and RSA 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.
24-3050
Revised 1/2/24
SB 384-FN-A- FISCAL NOTE
AS INTRODUCED
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
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Estimated State Impact - Increase / (Decrease) | ||||||
| FY 2024 | FY 2025 | FY 2026 | FY 2027 | ||
Revenue | $0 | $0 | $0 | $0 | ||
Revenue Fund(s) | None | |||||
Expenditures | $0 | Indeterminable up to $10,000,000 | ||||
Funding Source(s) | InvestNH Fund RSA 12-O:69 | |||||
Appropriations | $10,000,000 | $0 | $0 | $0 | ||
Funding Source(s) | General Fund | |||||
• Does this bill provide sufficient funding to cover estimated expenditures? [X] See Below • Does this bill authorize new positions to implement this bill? [X] No | ||||||
The Office of Legislative Budget Assistant is awaiting information from the Department of Business and Economic Affairs. The Department was originally contacted on 11/30/23 and most recently contacted on 12/13/23 for a fiscal note worksheet. If information is received, a revised fiscal note will be forward to the Senate Clerk’s Office
METHODOLOGY:
This bill establishes the Median Income Rental Housing Program under RSA 12-0:71, which is to be an extension of the InvestNH program within the Department of Business and Economic Affairs. It also expand the purpose of the InvestNH Fund to include RSA 12-0:71. Lastly, it establishes a $10,000,000 nonlapsing appropriation from the general fund for fiscal year ending June 30, 2024 to the Invest NH Fund for the purposes of funding the Median Income Rental Housing Program. State expenditures will increase by $10,000,000, however it is not known when the nonlapsing appropriation will be expended or how much will be expended in a fiscal year.
AGENCIES CONTACTED:
Department of Business and Economic Affairs