§4–3003.    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.