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Committee amends long-term care loan fund: $100 million proposal and 2% target earn committee support
Summary
Senate Bill 1619, a proposal to establish or replenish a Long Term Care Loan Fund, was amended in committee to increase the proposed authorization to $100 million and to retain a 2% interest target; the committee voted to pass the bill as amended and re-refer it to appropriations.
The Senate Human Services Committee amended Senate Bill 1619 to raise a proposed loan-fund authorization to $100 million and preserved a 2% interest-rate target, then voted to give the bill a do-pass recommendation as amended and re-refer it to the Appropriations Committee.
Discussion focused on two levers: total fund size and the interest rate for revolving loans. Several members said the dollar total is a priority because a single large project could exhaust a small fund; others said a 2% rate is reasonable to avoid losing public money while still offering favorable terms to long-term care facilities. "I think the 2% does cover the cost," one member said.
Senator Rohrs moved an amendment to raise the fund to $100,000,000; Senator Weston seconded. The amendment passed on a 4–2 roll call. Members then moved a do-pass as amended and re-refer to appropriations. After a roll call the committee approved the motion by a 6–0 vote (recorded as 6–0 in committee proceedings); a carrier volunteered to take the bill to the floor.
Members repeatedly noted this is public money and that legacy loan-fund programs have used 2% as a standard to preserve capital. Senators also discussed that the exact appropriation level and final interest rate could be further adjusted in conference or appropriations.
