House committee advances bill to expand down-payment assistance, raise AMI to 160%

Summary

House Bill 1519, which would expand state down-payment assistance eligibility to households up to 160% of AMI and create a revolving loan fund to preserve bond volume for multifamily tax-credit production, was reported favorably by the House Financial Institutions Committee on a roll-call vote, 11–1.

House Bill 1519, which would expand state support for down-payment assistance and create a mechanism to reallocate bond volume toward multifamily tax-credit development, cleared the House Financial Institutions Committee on a roll-call vote Monday, 11–1.

The bill, presented by Representative Rosemary (Rhett) Miller, would raise the area median income (AMI) threshold for down-payment assistance eligibility to 160% and authorize a revolving loan fund intended to sustain down-payment assistance without repeatedly drawing new annual appropriations. Miller told the committee the changes would expand the market for homebuyers and allow more multifamily tax-credit projects to move forward by freeing up bond allocation currently used for down-payment assistance.

Supporters told the committee the bill aims to address statewide housing shortages by helping first-time buyers and increasing available multifamily inventory. Maggie McShane of the Indiana Association of Realtors testified the…

House committee advances bill to expand down-payment assistance, raise AMI to 160%

Summary

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