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Committee advances plan to retool Home Buyers Revitalization Fund for affordable housing construction
Summary
Lawmakers advanced House Bill 9 30 to the Finance committee after the sponsor described plans to reopen a long‑dormant loan fund with about $3.1 million to support low‑ and moderate‑income homeownership and a new loan product for builders producing affordable housing.
The committee voted to send House Bill 9 30 to Finance on a 21‑1‑1 vote after sponsor Chairman White said the bill revives a 1986 Home Buyers Revitalization Fund with roughly $3,100,000 in principal and would allow new loan products to support builders producing affordable housing.
Chairman White told lawmakers the fund originally made loans to developers to serve low‑ and moderate‑income households with critical housing needs; the bill would update terms to reflect modern interest‑rate environments and create a loan product directly for builders to support affordable construction. When Representative Dixie asked about income thresholds for eligibility, the sponsor said that the bill text does not specify exact income limits in committee testimony and that he would provide those details to the committee later.
The committee recorded 21 ayes, 1 nay and 1 present not voting. The bill will go to the Finance committee for further consideration and fiscal review.
Lawmakers asked the sponsor to return with income‑eligibility thresholds and other details about program administration and fund accessibility for qualifying borrowers. Chairman White said he did not have the income limits at the hearing and would provide them later.
