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Committee advances bill to expand down-payment assistance, redirect bond volume to build more workforce housing
Summary
The House Financial Institutions Committee advanced House Bill 1519 after testimony from housing advocates, lenders and developers. The bill would raise eligibility to 160% of area median income for a down-payment assistance program and create a revolving loan fund intended to free up bond volume for Low-Income Housing Tax Credit projects.
Representative Rosemary Miller introduced House Bill 1519 to the House Financial Institutions Committee, proposing changes to the state’s down-payment assistance program and measures to increase development of multifamily workforce housing.
The bill would increase the area median income (AMI) threshold for down-payment assistance eligibility to 160 percent and create a structure for a revolving loan fund for down-payment assistance, with the intent of allowing the state to redirect bond volume currently used for down-payment assistance into the Low-Income Housing Tax Credit (LIHTC) program to finance multifamily projects. Miller offered two technical amendments at the start of the hearing that were accepted by consent.
Housing stakeholders and industry groups testified in support, while flagging funding and program-protection questions. Maggie McShane, senior vice president of government affairs at the Indiana Association of Realtors, said her organization took a neutral position because of concerns the changes…
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