Requires certain local government community benefit agreements dedicate resources for affordable housing purposes.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires that when local governments receive large cash payments (over $100,000) through community benefit agreements, at least 50% of those funds must be dedicated to affordable housing projects. It applies to both county and municipal agreements, ensuring that these funds contribute to the creation or rehabilitation of low- and moderate-income housing within the local community. The bill defines ‘community benefits agreements’ as legally binding agreements between local governments and developers, outlining community benefits in exchange for project support.
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