Rental housing; purchase or construction by localities.

Purchase or construction of rental housing bylocalities. Provides that any locality may by ordinance establisha program to purchase or construct housing and to rent such housingto residents. The rent charged for such housing shall not exceedthe higher of 85 percent of the market rate for a similar housingunit, or 115 percent of the actual cost of operation, defined inthe bill, of the housing unit offered for rent.