The State of Wisconsin shall create a Workforce Housing and Rental Preservation Program within the Wisconsin Housing and Economic Development Authority to provide competitive grants and low-interest loans for the construction and rehabilitation of multifamily housing located near major employment centers, transit corridors, and downtown districts, with priority for projects reserving units affordable to households earning between 50 and 120 percent of area median income. The program shall also fund health, safety, energy-efficiency, and code-compliance repairs for aging rental properties in exchange for enforceable affordability commitments, streamlined state review shall be offered for qualifying developments consistent with local zoning, and an annual public report shall detail units created, units preserved, geographic distribution, and program expenditures.