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Proposal to create construction revolving loan fund wins broad support in Finance and Revenue hearing
Summary
Senate Bill 684 would create a revolving construction loan fund to provide low‑interest, short‑term construction financing for mixed‑income housing. Supporters and experts, including Montgomery County officials who use a similar model, urged passage and further study of capitalization and implementation details.
Senator Khan Pham told the Senate Committee on Finance and Revenue on May 7 that Senate Bill 684 would establish a construction revolving loan fund to provide short‑term, subsidized construction loans aimed at producing mixed‑income housing without relying solely on federal low‑income housing tax credits.
The fund model proposed in SB 684 mirrors a program pioneered by the Housing Opportunities Commission of Montgomery County, Maryland, and presented to the committee by Ashwin Warrier of the Center for Public Enterprise and Council Member Andrew Friedson of Montgomery County. Warrier told the committee Montgomery County launched a $50 million housing production fund in 2021 and used it to make a construction loan that enabled a 268‑unit project to open in mid‑2023; the project included roughly 30% affordable units and did not…
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