The act creates the rural housing and development asbestos and lead paint abatement pilot grant program (pilot grant program) in the department of public health and environment (department) to award grants, beginning July 1, 2025, to local governments in rural areas to offset costs associated with the abatement of asbestos and lead paint in housing, commercial buildings, and other development projects. To be eligible for a grant, a local government must submit an application to the department. The application must: For renovation or demolition sites, include an inspection report consistent with rules detailing asbestos-containing materials in excess of trigger levels; For renovation of lead-based paint abatement sites, include a description of eligibility that shows that the facility meets the statutory definition; For both asbestos and lead-based paint abatement, renovation, or demolition, include documentation demonstrating that the applicant has acquired any necessary permits and regulatory approval from the air pollution control division; and Include an assessment of needs of the local government's rural communities. The act creates the rural housing and development asbestos and lead paint abatement fund (fund) in the state treasury. The fund consists of money generated from penalties and fines collected in association with violations of laws concerning hazardous materials in an amount up to $200,000 for the 2025-26 state fiscal year and up to $200,000 for the 2026-27 state fiscal year. The department may expend money in the fund to award grants. The pilot grant program and the fund are repealed, effective July 1, 2027. APPROVED by Governor June 3, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)