Directs Housing and Community Services Department to provide funds to assist very low income elderly persons with rental housing. Becomes operative January] July 1, 2017. Creates Elderly Rental Assistance Fund, operative January] July 1, 2017. Continuously appropriates moneys in fund to Housing and Community Services Department to assist very low income elderly persons with rental housing. Appropriates moneys from General Fund to Department of Revenue for elderly rental assistance program claims filed on or before July 1, 2016.] Takes effect on 91st day following adjournment sine die.