1. (a) A project qualifies as a housing innovation project if it provides new housing in which:

   1. (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. (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.

2. (b) The Department shall prioritize funding for projects that best meet the following guidelines:

   1. (1) the project does not use low-income housing tax credit equity or tax-exempt volume cap;
   2. (2) the affordable set-asides required under subsection (a) of this section remain restricted at elected levels for at least 99 years;
   3. (3) the project remains in public ownership; and
   4. (4) the project includes a commitment to prevailing wage requirements.

Added by Acts 2024, c. 212, § 1, eff. July 1, 2024.