Official Summary

Digest: Tells a state agency to do a program to help make it easier for people who own or run affordable housing to pay insurance premiums. Sets up a fund for the program. Tells the agency to find ways to support stable prices for insurance for affordable housing. (Flesch Readability Score: 63.1). Requires the Department of Consumer and Business Services to establish a program to assist eligible entities in paying the costs of property insurance or liability insurance premiums for affordable housing, shelters and other facilities. Specifies requirements for eligibility for the program. Requires the department to report to an interim committee of the Legislative Assembly related to housing not later than December 15 of each year. Establishes the Affordable Housing Premium Assistance Fund and continuously appropriates moneys in the fund to the department to implement the department's program. Requires the department to study the feasibility of creating and operating a state reinsurance program or devising another solution to support price stability in the market for insurance to cover affordable housing. Declares an emergency, effective on passage.