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Montana committee hears bill to broaden CPACE eligibility for multifamily housing
Summary
Supporters told the Senate State Administration Committee that a narrow statutory definition has blocked two multifamily projects from accessing CPACE financing; proponents asked the committee to approve a technical change to align state statute with federal definitions and expand financing access.
Representative Julie Darling introduced House Bill 120 to the Senate State Administration Committee as a ‘‘housekeeping’’ fix to Montana’s Commercial Property Assessed Capital Enhancement (CPACE) statute.
The bill would revise the statutory definition of “multifamily” used in the CPACE enabling statute so that typical Montana apartment buildings without elevators would qualify for CPACE financing. Representative Julie Darling said the change would expand opportunities for housing development by aligning state statute with federal multifamily definitions and by removing an elevator requirement that had blocked projects.
Adam Gill, executive director of the Montana Facility Finance Authority, the state’s CPACE…
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