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Senate committee advances $50 million one-time deposit for Housing Montana Fund
Summary
The Senate Business and Labor Committee voted to pass Senate Bill 405, a proposal to deposit $50 million of one-time general fund surplus into the Housing Montana Fund to provide gap and revolving financing for affordable housing projects across the state.
Senate Business and Labor advanced Senate Bill 405 on a roll-call vote after a public hearing that drew housing developers, nonprofit advocates and business groups.
The bill, sponsored by Sen. Dave Fern, would appropriate $50 million of one-time general fund surplus to the Housing Montana Fund, a revolving loan program first enacted in 1999. Supporters said the infusion would function as gap and bridge financing to leverage federal tax credits and private capital for projects that serve low- and moderate-income households.
Why it matters: Advocates and developers told the committee Montana has a shortfall of rental and workforce housing and that flexible, state-level capital is needed to close financing gaps that federal programs and market lenders cannot cover on their own.
Sen. Dave Fern, the bill sponsor, told the committee the Housing Montana Fund is “flexible” and can support…
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