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Committee recommends changes to covenant homeownership loan-forgiveness provisions but rejects narrowing amendment
Summary
The Senate Housing Committee advanced House Bill 1696, modifying the Covenant Homeownership Program to raise eligibility AMI caps and authorize loan forgiveness under conditions; the committee rejected an amendment that would have limited forgiveness eligibility to children and grandchildren of certain historically excluded residents.
Second Substitute House Bill 1696, which would modify the Covenant Homeownership Program by raising area median income eligibility to 120% and authorizing loan forgiveness in certain circumstances, received a due-pass recommendation from the Senate Housing Committee on March 26.
Melissa Van Gorka, staff to the committee, summarized the bill and noted that while a fiscal note showed no immediate state fiscal impact, expanding eligibility and authorizing loan forgiveness could reduce loan repayments that currently replenish the Covenant Homeownership account.
Why it matters: The program is designed to expand homeownership opportunities, particularly for populations harmed by historic…
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