Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing topic
No spam. Unsubscribe anytime.
Committee boosts coal-trust financing for affordable housing, adds $50 million to loan pool
Summary
The committee approved a measure adding $50 million to the coal‑trust multifamily loan program to finance affordable rental housing; advocates said the program leverages private dollars and repays the trust with interest.
The House Taxation Committee voted to expand a loan program that uses earnings from the permanent coal tax trust to finance affordable, multifamily housing.
Representative Mark Thain, sponsor of House Bill 878, said the program’s loans are repaid with interest to the trust and have already supported projects across the state. “The program was created in 2019... The program has led to 23 affordable housing projects... resulting in 755 homes,” he told the committee.
Nut graf: HB 878 would authorize an additional $50 million for the trust’s multifamily home loan program, which provides tightly underwritten loans to projects that serve income-qualified tenants. Supporters noted the loans are repaid with interest and leverage private capital; the committee approved the bill 17–4.
Proponents: The Montana Housing Coalition and developers testified in favor. Melissa Shannon of the housing coalition noted wide support from business and community groups. Seth O’Connell, a developer, described a Helena project that used a coal-trust loan to build 72 affordable units.
Outcome: The committee approved HB 878, which is intended to continue a financing pipeline for affordable housing in urban and rural communities. The bill includes a programmatic structure to oversee underwriting and requires board oversight.
Ending: Proponents described the approach as fiscally responsible: the loans generate returns to the trust while producing affordable units. The bill now advances to the full House for further consideration.
