AN ACT ESTABLISHING A HOUSING GROWTH FUND.

HB 6494 establishes a $50 million annual Housing Growth Fund administered by the state's Commissioner of Economic and Community Development. The fund provides grants to eligible municipalities to increase production of affordable housing (as defined by state law), promote housing for low- and moderate-income families, and maximize residential/commercial space within walking distance of transit. This directly affects local municipalities that apply for and receive these grants to support housing development. The bill creates a concrete funding mechanism to incentivize specific housing goals without altering existing housing definitions or mandating local actions.