Affordable Housing Act

This act establishes a state affordable housing program and a dedicated trust fund to finance it, defining the fund's permitted uses, the restrictions placed on its money, and the process by which commitments and distributions are made. Administration rests with a program administrator whose powers are set out by the act, supported by an advisory commission and subject to an annual budget and reporting requirement, with housing development credits and the issuance of notes and bonds available as additional financing mechanisms. The act also directs assistance toward specific populations and settings — including senior congregate housing, homeless veterans, and rural housing — and imposes conditions on assisted housing, such as a minimum standard of living and provisions governing pets in affordable housing projects.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.