A bold new approach to housing infrastructure took center stage during the Utah General Legislative Session on February 6, 2024, as lawmakers discussed the passage of House Bill 13, which aims to create infrastructure financing districts. Representative Dunnigan, the bill's sponsor, emphasized the need for innovative solutions to address the state's housing crisis, stating, "If we can increase the supply, that should help the price."

The bill, which passed with overwhelming support—74 votes in favor and none against—seeks to facilitate the construction of new homes by allowing developers to access private capital without impacting municipal bond ratings. Dunnigan clarified that the financing would be a direct loan between bond issuers and developers, effectively removing the city from the equation. This separation is crucial, as it alleviates concerns about local credit ratings and financial risks.

During the discussion, Representative Cobb raised questions about the bond market's structure, confirming that the developers would bear the financial responsibility. Dunnigan reassured his colleagues that there is significant private capital available, estimating between $2 to $5 billion nationwide, which Utah has yet to tap into.

The implications of this legislation are significant, as it could potentially lead to the construction of up to 20,000 new homes, making housing more affordable for future generations. Dunnigan expressed hope that this initiative would serve as a "release valve" for the housing market, ultimately benefiting families across the state.

As the bill moves to the Senate for consideration, lawmakers are optimistic about its potential to reshape Utah's housing landscape and provide much-needed relief to homebuyers.