Eligible projects

(a) [Repeal and reenactment on June 30, 2030. L 2025, c 159, §8.] Activities eligible for assistance from the fund shall include but not be limited to: (1) New construction, rehabilitation, or preservation of low-income rental housing units that meet the criteria for eligibility described in subsection (c) or section 201H-202(f); (2) The leveraging of moneys with the use of fund assets; (3) Pre-development activity grants or loans to nonprofit organizations; and (4) Acquisition of housing units for the purpose of preservation as low-income or very low-income housing. (b) Preference shall be given to projects producing units in at least one of the following categories: (1) Multifamily units; (2) Attached single-family units; (3) Apartments; (4) Townhouses; (5) Housing units above commercial or industrial space; (6) Single room occupancy units; (7) Accessory apartment units; (8) Employee housing; (9) United States Department of Housing and Urban Development mixed finance development of public housing units; and (10) Other types of units meeting the criteria for eligibility set forth in subsection (c). (c) [Repeal and reenactment on June 30, 2030. L 2025, c 159, §8.] Except as provided in section 201H-202(f), the corporation shall establish an application process for fund allocation that gives preference to projects meeting the following criteria that are listed in descending order of priority: (1) Serve the original target group; (2) Provide at least five per cent of the total number of units for persons and families with incomes at or below thirty per cent of the median family income; (3) Provide the maximum number of units for persons or families with incomes at or below eighty per cent of the median family income; (4) Are committed to serving the target group over a longer period of time; (5) Increase the integration of income levels of the immediate community area; (6) Meet the geographic needs of the target group of the proposed rental housing project, such as proximity to employment centers and services; and (7) Have favorable past performance in developing, owning, managing, or maintaining affordable rental housing. The corporation may include other criteria as it deems necessary to carry out the purposes of this subpart. If the corporation, after applying the process described in this subsection, finds a nonprofit project equally ranked with a for-profit or government project, the corporation shall give preference to the nonprofit project in allotting fund moneys.