Committee hears testimony on HB 530 to double Affordable Housing Fund allocation, proposes Laconia sale appropriation

Representative Jessica LaMontagne, sponsor of HB 530, told the House Ways and Means Committee Tuesday that the bill would double the annual transfer to New Hampshire’s Affordable Housing Fund from $5,000,000 to $10,000,000 and would not raise taxes.

"HB 30 is a simple bill. It doubles the amount of money from the real estate transfer tax that goes into the affordable housing fund, increasing it from 5,000,000 to $10,000,000. It's not a tax increase," LaMontagne said, arguing the change would provide capital at lower interest rates to build the mix of units the state needs.

Why it matters: witnesses said the measure targets an acute shortage of affordable and accessible housing in New Hampshire and that public capital is a necessary lever to produce units that private developers currently build for higher-income renters. Testimony focused on supportive housing for adults with intellectual and developmental disabilities, older residents who cannot afford assisted living, and workforce housing.

LaMontagne opened with data on cost and income: she said the statewide median two-bedroom rent is "almost $1,800 a month," and that a household would need "over $68,000 a year" to afford it. She noted that although the median household…