An Act relative to creating a permanent affordability homeownership program

SD 988 creates a state program to fund permanently affordable homeownership units for low- and moderate-income buyers (defined as 70-120% of area median income). Administered by the Executive Office of Housing and Livable Communities, the program requires units to remain affordable for at least 99 years and limits projects to 1-25 units, including within mixed-use developments. Funds can only support new homeownership units meeting income and affordability criteria. Annual reports will detail funded projects, grant amounts, units created, and affordability levels.