Bill
A 7828
Overview: Bill Number: A 7828, Title: Creates an affordable housing insurance relief fund program, Status: PRINT NUMBER 7828A, Introduced: April 11, 2025Purpose and Intent: The mai
Overview: Bill Number: A 7828, Title: Creates an affordable housing insurance relief fund program, Status: PRINT NUMBER 7828A, Introduced: April 11, 2025
Purpose and Intent: The main goal of this bill is to establish an affordable housing insurance relief fund program. This program is intended to provide financial assistance to owners and developers of affordable housing units to help offset the costs of insurance premiums.
Key Provisions:
- Creates a new state-funded affordable housing insurance relief fund
- Allows owners and developers of affordable housing units to apply for grants from the fund to cover a portion of their insurance premiums
- Specifies eligibility criteria, such as income thresholds for tenants and limits on rents charged
- Appropriates $50 million in initial funding for the program
Affected Parties and Impacts:
- Owners and developers of affordable housing units will be able to apply for grants to help offset their insurance costs
- Tenants of these affordable housing units may benefit from the reduced operating costs, potentially leading to more stable or lower rents
- The state will provide $50 million in funding for the new relief program
Procedural and Timeline Considerations:
The bill has been printed as A 7828A, indicating it has been amended. It will now proceed through the legislative process for further consideration and potential passage. If enacted, the program would likely be implemented within 6-12 months to allow for the development of application procedures and distribution of funds.
Compiled from official sources — confirm details with the bill’s official record.
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