Senate approves SB 40 after removing loan component with amendment L‑12
Senate Bill 40, an Affordable Home Ownership measure that would have created a short-term construction loan program and amended AMI rules, passed after adoption of amendment L‑12, which removed the loan program and clarified waiver language for front‑end ratio considerations.
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Senate Bill 40, described to the chamber as the long‑awaited affordable homeownership package, was debated at length on March 30. Sponsors said the bill provides AMI flexibility and initially included a short-term construction loan program to ease the path for workforce housing projects. Senator Simpson and Senator Amabile described the background, committee amendments and the remaining areas of work.
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