AN ACT PERMITTING A MUNICIPALITY TO PURCHASE REAL PROPERTY THAT IS THE SUBJECT OF AN AFFORDABLE HOUSING APPLICATION.

HB 6492 allows municipalities to purchase real property involved in an affordable housing application within 120 days of submission. The municipality pays the original purchase price plus a 5% surcharge, but must commit to building 70% affordable housing units on that property within eight years. If the municipality fails to complete the required units on time, it must pay penalties: 5% of the purchase price to the original seller, 5% to the Affordable Housing Program, and 5% to the Housing Trust Fund until completion. This bill directly affects municipalities seeking to develop affordable housing and property owners with pending applications. The policy creates a structured mechanism for local governments to secure housing sites while imposing accountability for timely development.