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House passes substitute reducing housing affordability appropriation to $10 million
Summary
The House adopted a fourth substitute of Senate Bill 39 on March 10, 2020, cutting the bills appropriation from $35 million to $10 million for the Olin Walker housing fund; sponsor Representative Potter said the $10 million would be leveraged with private financing and the substitute passed 48-24.
The Utah House on March 10 approved a substitute version of Senate Bill 39 that reduces the state appropriation for housing affordability from $35 million to $10 million and directs those funds to the Olin Walker Housing Fund. Representative Potter presented the fourth substitute and described it as a continuation of work by the Commission on Housing Affordability.
Potter said the $10 million would be leveraged by private financing, citing a recent $20 million seed investment to the Utah Housing Preservation Fund from private partners, and said the states contribution would be part of a broader leverage strategy. "This $10,000,000 will be leveraged by private financing," Potter said on the floor.
The House adopted the substitute and the floor announced "Senate Bill 39 passes the House with 48 yes votes and 24 no votes." The bill will be transmitted to the Senate for further consideration. Potter described the measure as a step to address the states housing gap, which he said includes a supply shortfall of about 50,000 units.
The transcript records floor debate about the appropriation change and the sponsors summary of the bills goals and financing approach; no amendments beyond the substitution were recorded on the floor.
