House panel advances pilot to use state-held bonds for affordable for‑sale housing; Treasury raises revenue concerns

The House Finance Committee voted 7-6 to send Senate Bill 6, a pilot program to let the state treasurer invest in bonds issued by quasi‑governmental entities to finance affordable for‑sale housing, to the committee of the whole with a favorable recommendation.

Sponsors said the program — branded in testimony as the Driving at Home pilot — would provide below‑market construction financing to developers with long‑term resale restrictions and then convert loans into 30‑year mortgages at reduced interest rates to increase purchasing power for low‑ and moderate‑income buyers. The initial pilot would use $50 million in state-held capital, including a proposed $40 million nonprofit bond issuance, to support roughly 175–200 homes, supporters said.

“Senate Bill 25 0 0 6 is a pilot program,” Representative Bradfield told the committee, framing the bill as a targeted…