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1 New Section; Housing and Development; Housing Finance Authority; Low-Cost Financing for Developers and Homeowners. Amend RSA 204-C by inserting after section 92 the following new section:
204-C:93 Low-Cost Financing for Developers and Homeowners. Notwithstanding any provision of law to the contrary, the housing finance authority (HFA) shall offer lenders who have previously been approved to provide financing through HFA financing loan guarantees for accessory dwelling unit (ADU) developers and homeowners. The HFA shall issue loan guarantees between 80 percent loan to value (LTV) and 100 percent LTV based on the appraised value of a completed ADU. The HFA shall not issue more than $100,000,000 in ADU loan guarantees annually.
2 Appropriation; Housing Finance Authority. The sum of $25,000 for the fiscal year ending June 30, 2027 and $25,000 for the fiscal year ending June 30, 2028 are hereby appropriated to the housing finance authority for the purpose of offsetting the housing finance authority's administrative costs associated with establishing and managing the accessory dwelling unit's loan guarantee program. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
3 Effective Date. This act shall take effect 60 days after its passage.
Text to be added highlighted in green.
1 New Section; Housing and Development; Housing Finance Authority; Low-Cost Financing for Developers and Homeowners. Amend RSA 204-C by inserting after section 92 the following new section:
204-C:93 Low-Cost Financing for Developers and Homeowners. Notwithstanding any provision of law to the contrary, the housing finance authority (HFA) shall offer lenders who have previously been approved to provide financing through HFA financing loan guarantees for accessory dwelling unit (ADU) developers and homeowners. The HFA shall issue loan guarantees between 80 percent loan to value (LTV) and 100 percent LTV based on the appraised value of a completed ADU. The HFA shall not issue more than $100,000,000 in ADU loan guarantees annually.
2 Appropriation; Housing Finance Authority. The sum of $25,000 for the fiscal year ending June 30, 2027 and $25,000 for the fiscal year ending June 30, 2028 are hereby appropriated to the housing finance authority for the purpose of offsetting the housing finance authority's administrative costs associated with establishing and managing the accessory dwelling unit's loan guarantee program. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
3 Effective Date. This act shall take effect 60 days after its passage.