An Act relating to the housing assistance loan program; repealing the home ownership assistance fund; repealing the operating loss reserve account; repealing the restricted title loss reserve account; and providing for an effective date.

Summary

The bill tightens the rules for the state’s housing assistance loan program, banning certain loan types, setting caps on loan size and repayment terms, and adding borrower‑eligibility conditions. It also eliminates the Home Ownership Assistance Fund, the Operating Loss Reserve Account, and the Restricted Title Loss Reserve Account. The changes are intended to reduce risk and improve oversight of small‑community housing financing.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share