1. (a)

   1. (1) In this section the following words have the meanings indicated.
   2. (2) “Adaptive reuse” means the retrofitting and repurposing of an existing building to develop new dwelling units.
   3. (3) “Affordable multifamily housing” means a multifamily dwelling where all or a portion of the dwelling units are reserved for individuals whose household income is less than or equal to a certain limit on maximum household income.

2. (b)

   1. (1) Subject to paragraph (2) of this subsection, this section applies to any program operated by the Department that awards loans that may be used to develop affordable multifamily housing.
   2. (2) If the laws or regulations governing a particular program establish more specific rules regarding the use of loan proceeds for adaptive reuse, the more specific rules shall apply.

3. (c)

   1. (1) Adaptive reuse of a property to develop affordable multifamily housing is an eligible use of the proceeds of a loan covered under this section.

   2. (2)

      1. (i) Subject to subparagraph (ii) of this paragraph, the Department shall notify applicants for a loan covered under this section that adaptive reuse of a property to develop affordable multifamily housing is an eligible use of loan proceeds.
      2. (ii) The notice requirement under subparagraph (i) of this paragraph does not apply when an individual applies for a loan under a Department program that does not focus on housing, including programs within the Division of Neighborhood Revitalization.

Added by Acts 2023, c. 174, § 1, eff. Oct. 1, 2023; Acts 2023, c. 175, § 1, eff. Oct. 1, 2023.