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House committee advances bill to expand down-payment assistance and support workforce housing
Summary
The House Financial Institutions Committee voted 11-1 to advance House Bill 1519, which would expand eligibility for down-payment assistance and create a mechanism to shift bond volume to build more multifamily affordable housing, while removing an initial appropriation from the measure.
House Bill 1519, titled Down Payment Assistance and Workforce Housing, was advanced out of the House Financial Institutions Committee on a roll-call vote of 11-1 after testimony from representatives of housing providers, builders, banks and housing advocates.
Representative Rosemary Miller, who presented the bill, told the committee: "In full disclosure, there's really 2 things going on in this bill. 1 is the continuation of the down payment assistance fund and growing the available market through that by increasing the AMI to 160%." Miller said the higher AMI would raise the price point eligible for assistance “from say $200,000 up to $300,000” in current market conditions, and that the bill also would create opportunities for multifamily housing developers to use tax-credit financing tied to bond volume.
The bill was amended in committee. Representative Miller offered two amendments: one struck the…
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