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Bill would create revolving loan fund to finance permanently affordable homeownership
Summary
A proposed substitute would create an Affordable Homeownership Revolving Loan Fund in Commerce to provide construction loans (up to 50% of project cost) to nonprofit developers building permanently affordable homeownership for households at or below 80% AMI, with loans priced 1–2.5% and repayable after initial sales.
A proposed substitute to House Bill 18 08 would establish an Affordable Homeownership Revolving Loan Fund in the Department of Commerce to provide low‑cost, construction‑phase loans to nonprofit and governmental sponsors building permanently affordable homeownership for households at or below 80% of area median income, staff told the committee on Feb. 13.
Under the substitute presented by Audrey Vacek, loans may not exceed 50% of total project costs (the bill allows the department to exceed that cap “for cause”), must carry an interest rate of at least 1% but not more than 2.5%, and must be structured to be assumable under Commerce’s terms. Loans would generally be repaid after all homes in a financed project are…
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