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Committee approves housing bill to expand shared‑appreciation loans and infrastructure use for homeownership funds
Summary
Senate Bill 262 (substitute 2 as amended), which allows certain infrastructure costs to be paid from home ownership promotion zone funds and creates a shared‑appreciation subordinate funding option to leverage private capital for first‑time buyers, passed the House Transportation Committee 8–2.
Senate Bill 262 (substitute 2 as amended), a housing affordability measure from the Commission on Housing Affordability, was recommended favorably out of the House Transportation Committee after sponsors and a range of stakeholders described how the changes would extend existing first‑time homebuyer support by combining public and private funds.
Sponsor Senator Fillmore and Representative White, chairs of the Commission on Housing Affordability, said the bill allows home ownership promotion zone funds to be used for additional infrastructure costs (examples cited include water extraction, street lighting and environmental remediation) and establishes a subordinate…
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