Senate committee advances predevelopment loan program to fund low-income housing projects
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Summary
House Bill 2964A was advanced by the Senate Housing and Development Committee on May 21; the bill would create a loan program to fund predevelopment costs for new housing projects that remain affordable to low-income households, and committee staff reported minimal fiscal and no revenue impact.
The Senate Committee on Housing and Development on May 21 advanced House Bill 2964A with a due-pass recommendation. Committee staff summarized the bill as creating a loan program to fund predevelopment costs of new housing projects and as requiring that the housing remain affordable to low-income households.
Why it matters: Predevelopment financing can enable projects to move from concept to shovel-ready status, particularly affordable housing proposals that otherwise may lack capital for planning, design, and permitting. Committee staff reported a minimal fiscal and no revenue impact.
Committee action: A member moved the bill to the floor with a due-pass recommendation; the committee approved the motion in roll call.
Details in committee: The committee record shows the bill was heard previously and that members approved advancement without recorded amendments during the May 21 work session.
Next steps: The bill was assigned to a senator to carry to the Senate floor for further consideration.