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Bill would create revolving loan fund to finance permanently affordable homeownership projects
Summary
The Capital Budget Committee on Feb. 25 heard substitute House Bill 18 08, a proposal to create an Affordable Homeownership Revolving Loan Fund at the Department of Commerce to finance permanently affordable homeownership projects for households earning below 80% of AMI.
The Capital Budget Committee on Feb. 25 received testimony on substitute House Bill 18 08, which would establish an Affordable Homeownership Revolving Loan Fund at the Department of Commerce to finance permanently affordable homeownership projects developed by nonprofits or government entities.
Committee staff described the program elements: loans would be awarded to nonprofit developers for construction of permanently affordable homes for households earning below 80% of area median income; qualifying projects must include a deed…
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