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House committee advances bill to expand down payment assistance, increase AMI to 160%
Summary
The House Financial Institutions Committee amended and approved House Bill 1519 to continue and broaden a down payment assistance program, raise the area median income (AMI) eligibility to 160% and create mechanisms intended to free up bond volume for low-income housing tax credit projects. The bill passed the committee 11-1.
The House Financial Institutions Committee voted to advance House Bill 1519 on a voice/roll call, approving the bill as amended by an 11-1 vote. The committee adopted two amendments by consent before moving the bill forward.
Representative Rosemary Miller, sponsor of House Bill 1519, told the committee the measure has two parts: continuing and expanding the state's down payment assistance program and creating a mechanism to allow bond volume to be redirected to tax credit projects that support multifamily housing. "There's really two things going on in this bill," Representative Miller said in opening remarks, describing an increase in AMI eligibility and an effort to optimize existing tax-credit finance tools.
The bill's first amendment, offered by Miller and adopted by consent, struck an appropriation in the introduced bill and removed a drafting error. A second amendment, also adopted by consent, added explicit authority for the new fund to work with low-income housing providers in administering down payment assistance.
Why it matters: supporters said HB 1519 aims to expand…
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