Mortgage authority would offer grants for recently completed homes

The authority would run a program offering home purchase assistance grants. The program would serve qualifying grantees under the Affordable Housing Act. The bill would appropriate $30 million for the program for fiscal years 2027 through 2029. Any unspent money after fiscal year 2029 would return to the general fund. The grant would be paid when a qualifying buyer enters an agreement to purchase the home. Program spending would be funded for fiscal years 2027 through 2029.

The authority would set rules for eligibility, grant payments, and repayment. The rules would apply to buyers seeking assistance through the new homes development program. The bill leaves the specific eligibility and repayment rules to the authority.

The authority would report on the program each year. Reports would go to the Mortgage Finance Authority Act oversight committee. Annual reports would begin July 1, 2027.