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Senate urges Congress to raise Utah's private-activity bond cap to support affordable housing
Summary
Senate adopted House Concurrent Resolution 1 asking Congress to lift Utah's $150 million private-activity bond cap (whose purchasing power has fallen to about $83 million) to increase capital available for affordable housing development; resolution passed and will be sent for signature and enrollment.
The Utah State Senate on Feb. 6 approved House Concurrent Resolution 1, which asks Congress to consider raising Utah's $150 million tax-exempt private-activity bond cap to better support affordable-housing finance.
Senator Montgomery, speaking for the resolution, said inflation degraded the cap's real purchasing power to roughly $83 million and that raising the cap would supply additional capital for affordable housing initiatives. "This resolution...request[s] that [Congress] consider extending the hundred and $50,000,000 cap that Utah has for a tax exempt, private, bonding for affordable housing," Montgomery said on the floor.
Senators called the question after brief floor discussion and the resolution was approved for final signature and enrollment. The resolution is nonbinding — it asks Congress to act rather than changing state statute — but sponsors said it is intended to highlight a financing constraint affecting development of affordable housing across Utah.
The resolution will be forwarded for final signatures and enrollment after floor processing.
