Multifamily Housing Program: Homekey: adaptive reuse.
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Majority
Fiscal committee
No
Appropriation
No
Current location
In Floor Process
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies the Homekey program, which provides financial assistance for housing development, to allow for the use of funds for adaptive reuse projects. Specifically, it defines ‘adaptive reuse’ as retrofitting existing buildings, such as hotels or motels, into residential units, and removes per-unit cost caps for these projects. The bill also adjusts project completion timelines for Homekey awards, requiring construction completion, capital expenditure, and occupancy within 24 months for new construction, gap financing, and adaptive reuse projects, and 14-15 months for other projects.
Key provisions
- Allows Homekey funds to be used for adaptive reuse projects, defined as retrofitting existing buildings into residential units.
- Removes per-unit cost caps for adaptive reuse projects.
- Adjusts project completion timelines: 24 months for new construction, gap financing, and adaptive reuse; 14-15 months for other projects.
- Requires construction completion, capital expenditure, and occupancy within specified timelines.
- Clarifies the definition of ‘adaptive reuse’ to exclude rehabilitation of existing residential units.
- Requires the department to consider allowing adaptive reuse projects to have the same timelines as new construction.
Who is affected
- Housing developers
- Cities and counties
- Individuals experiencing or at risk of homelessness
- Nonprofit organizations involved in housing
Bill text
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Sponsors
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1 on record
Primary sponsor
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