Post-construction grants for affordable rental housing

(a) Post-construction grant establishment. A post-construction grant is established for the purpose of incentivizing the completion of construction of affordable rental housing units provided for in this chapter. (b) Source of funds. (1) The aggregate of post-construction grant payments made under this article may not exceed $10,000,000 in general funds; provided that there is no limit on payments made under this article from funds outside of the general fund. (2) The maximum amount of funds available per fiscal year is limited to the amount appropriated for post-construction grants pursuant to this article in each fiscal year’s executive operating budget and program. (3) No more than 5 percent of the moneys designated for post-construction grants in any given fiscal year may be used for administrative expenses. (c) Post-construction grant. The owner of the zoning lot on which an affordable rental housing project is situated may apply for a post-construction grant under this subsection after a certificate of occupancy has been issued for the affordable rental housing project in accordance with the following provisions: (1) Post-construction grant amount. (A) For affordable rental housing units that are less than 300 square feet in size, the owner is eligible to receive $40 per square foot of dwelling unit floor area; and (B) For affordable rental housing units that are 300 square feet or more in size, the owner is eligible to receive $12,000 per affordable rental housing unit. (2) To apply for a post-construction grant, no earlier than the date of issuance of a certificate of occupancy for the affordable rental housing project, and no later than 12 months after the issuance of a certificate of occupancy, the owner shall submit to the department of planning and permitting a post-construction grant application for the project in a form prescribed by the director of planning and permitting. At a minimum, the post- construction grant application must include: (A) The building permit number or professional self-certification number issued for the affordable rental housing project; and (B) The certificate of occupancy number issued for the affordable rental housing project. (3) Upon receipt of the post-construction grant application for an affordable rental housing project, the department of planning and permitting shall certify project eligibility for the post-construction grant, review and process the grant application, and calculate the post-construction grant amount the project is eligible for. (4) For all affordable rental housing projects eligible for a post-construction grant, the director of planning and permitting shall send the following to the director of budget and fiscal services: (A) Certification that the affordable rental housing project is eligible for the post-construction grant, together with a copy of the project’s post-construction grant application; (B) The building permit number or professional self-certification number issued for the affordable rental housing project; (C) The certificate of occupancy number issued for the affordable rental housing project; and (D) The total post-construction grant amount payable, and the calculation thereof. (5) The director of budget and fiscal services shall pay or cause to be paid the post-construction grant amount to the owner no later than 30 days after receipt of the information set forth in subdivision (4) from the director of planning and permitting.