Senate draft ties affordability to loan life, broadens primary-residency rule in housing infrastructure bill

A legislative working group reviewed the Senate’s latest rewrite of the housing infrastructure bill, which replaces a perpetual affordability requirement with an affordability term that lasts “until all indebtedness for that housing infrastructure project has been retired,” Office of Legislative Council staff told committee members.

The change, and other edits in the Senate draft, could affect how developers, financiers and housing authorities structure projects and incentives. The committee’s counsel said the rewrite also distinguishes owner-occupied sales from rental housing and adjusts program incentives and reporting deadlines.

John Gray, Office of Legislative Council, walked members through the draft and highlighted the durational change on page 1 and again on page 3. “In the house proposal this morning ... that was in perpetuity. Here you see that is until all indebtedness for that housing infrastructure project has been retired,” Gray said.

Gray told the panel the bill’s…