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Senate committee hears wide support for one-time $50M transfer to Housing Montana Fund in SB 405
Summary
Senate Finance and Claims held a fiscal-note hearing on Senate Bill 405, which proposes a one-time transfer of $50,000,000 from the general fund to the Housing Montana Fund to provide gap financing for affordable and workforce housing projects across Montana.
Senate Finance and Claims held a fiscal-note hearing on Senate Bill 405, which proposes a one-time transfer of $50,000,000 from the general fund to the Housing Montana Fund to provide gap financing for affordable and workforce housing projects across Montana.
Sponsor Senator Dave Fern (Senate District 2) said the fund acts as a revolving loan program and that the fiscal note shows the state would not incur ongoing operational costs for the fund. "This fund already exists, and it works as a revolving fund," Fern said, adding the proposal anticipates rule updates to administer loans and that loan repayments and interest would sustain the fund.
An affor…
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