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Senate panel advances housing measures to spur large multifamily projects and infrastructure financing
Summary
The Senate committee advanced two bills to expand financing tools for residential development: SB 25 would allow industrial revenue bonds for multifamily projects of 48 units or more; SB 50 would create a residential infrastructure development district to finance infrastructure for new developments for up to 30 years.
Frankfort — The Senate committee advanced two housing bills intended to expand tools for financing residential development.
Senate Bill 25, sponsored by Sen. Robbie Mills and adopted with a committee substitute, narrows the measure to allow industrial revenue bonds to be used for residential multifamily projects of 48 units or more; earlier language addressing planning and zoning was removed in the substitute.
Senate Bill 50, also reported out of committee, would create a residential infrastructure development district. Under the measure, local governments could authorize bonds, notes or other obligations to pay or reimburse infrastructure costs for a defined district for up to 30 years; local governments could set annual assessments and charge a small fee for collection.
Supporters said both bills add financing tools to attract private investment in large rental developments and to reimburse developers or finance infrastructure that supports new housing. Sen. Mills told the committee that developers he consulted view the industrial revenue bond option as a marginal yet useful incentive that could unlock projects.
Committee members noted the measures came from the housing task force and reflect best practices identified during that work. "We figured out what best practices are... and now we need to implement them," Sen. Reginald Yates said. Several senators said prompt action is important because economic conditions are deterring some developers from investing.
Both bills passed in committee. SB 25 passed on voice vote after adoption of the committee substitute; SB 50 was reported 10‑0 with favorable expression. The committee record shows no committee-level amendments beyond the committee substitutes and no detailed scoring or fiscal-note discussion in the hearing transcript.
Votes at a glance: SB 25 (committee substitute) — reported with favorable expression (voice vote; committee substitute adopted). SB 50 — reported with favorable expression, 10‑0.
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