AN ACT ESTABLISHING A GRANT PROGRAM TO CREATE AFFORDABLE HOUSING DEVELOPMENTS WITH CERTAIN DEED RESTRICTIONS.

SB 1365 creates a state grant program to fund new affordable housing developments where 60% of units are legally restricted to households earning no more than $35,000 annually. The Department of Housing will administer the program, develop eligibility rules, and require annual reports on applications, awards, and recipient details. This directly affects low-income households by expanding access to housing with income-based restrictions, while requiring developers to maintain these affordability terms through deed restrictions. The program takes effect July 1, 2025, and mandates annual reporting to the legislature on implementation.