[IN EFFECT] // EFFECTIVE UNTIL JUNE 30, 2029 PER CHAPTER 212 OF 2024 //
(a) A project qualifies as a housing innovation project if it provides new housing in which:
(1) at least 20% of the units are set aside for households with a gross annual income of not more than 50% of the area median income for a household of like size; or
(2) at least 40% of the units are set aside for households with a gross annual income of not more than 60% of the area median income for a household of like size.
(b) The Department shall prioritize funding for projects that best meet the following guidelines:
(1) the project does not use low-income housing tax credit equity or tax-exempt volume cap;
(2) the affordable set-asides required under subsection (a) of this section remain restricted at elected levels for at least 99 years;
(3) the project remains in public ownership; and
(4) the project includes a commitment to prevailing wage requirements.