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Committee backs Senate Bill 684 B to create mixed-income housing lending program
Summary
Senate Bill 684 B, with dash B7 and B8 amendments, directs Housing and Community Services to design a mixed-income revolving loan fund and report on rulemaking and funding options, and the subcommittee moved the amended bill to the full committee with a due-pass recommendation.
The Capital Construction subcommittee adopted dash B7 and B8 amendments to Senate Bill 684 and voted to send the amended bill to the full Ways and Means committee.
A presenter summarized that SB 684, as amended, would require the Housing and Community Services Department to study and develop a mixed-income housing revolving loan fund to provide both short-term construction loans and long-term financing for mixed-income projects serving households at or below 80% of area median income. B7 requires the department to submit recommendations for structuring the fund and any necessary statutory authorization by November 2025, and to report on rulemaking progress by Sept. 15, 2026, with lending strategies implemented by Jan. 1, 2027. The presenter said startup costs would be funded from service fees on conduit bonds and that ongoing support could come from bond interest and fees.
Committee members raised few objections; both B7 and B8 amendments were adopted without recorded objection, and a motion to move the bill as amended to the full committee carried on roll call. Members discussed potential carriers for floor consideration and the chair closed the work session on SB 684 B.
