Committee backs measure to allow industrial revenue bonds for large multifamily housing

Senate Bill 25, presented by Sen. Robbie Mills on May 20, was advanced by the House Standing Committee on Local Government with a favorable recommendation. The bill would modify a section of the Kentucky Revised Statutes on revenue bonds to allow industrial revenue bonds to be used for large multifamily housing projects.

Sen. Mills said the bill grew out of work by a housing task force he co-chaired with Representative Whitten and cited testimony gathered during the interim. "The whole idea is to help if there is a place for government to help, move developers forward, move communities forward with the over a hundred thousand housing units that we are short in the state of Kentucky," Mills said. He described SB 25 as "very simple" in its change to the statutory language governing revenue bonds for city and county projects to add the ability to use industrial revenue bonds for large multifamily housing.

Committee members asked no substantive questions recorded in the excerpt. The chair called the roll and announced the motion carried with a favorable expression that the bill should pass. The transcript notes there was no committee substitute on SB 25 and that it was passed by the Senate as presented to the committee.

The committee discussion as recorded did not include bond-size thresholds, eligibility criteria for projects, required local approvals, tax-exemption details, or fiscal analyses; those specifics would be in the bill text and fiscal notes rather than in the brief committee dialogue excerpt.

Senate Bill 25 was advanced to the House floor with a favorable recommendation.