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Committee reviews H.775 rural housing finance bill, asks counsel to clarify treasurer's credit authority
Summary
At the Feb. 4 General & Housing Committee markup, members reviewed H.775—66a rural housing pilot—66special-assessment revenue bonds—66and an increase to the treasurer's credit authority from 10% to 12.5%. Counsel was asked to draft clearer statutory language and to consult the state treasurer about whether a 1% allocation is part of or additional to the 12.5%.
At a Feb. 4 meeting of the General & Housing Committee, members continued markup of H.775, a rural housing finance bill that would authorize a Department of Housing and Community Development pilot to support up to 300 housing units, allow municipalities to issue revenue bonds backed by special assessments on consenting properties, and expand the state treasurer's credit authority.
Cameron Wood of the Office of Legislative Council summarized the bill's main pieces: a DHCD-run rural housing finance pilot in section 1; a section authorizing municipalities to issue revenue bonds backed by special assessments; an increase in the treasurer's credit facility from 10% to 12.5% of the state's average cash balance; an off-site construction accelerator pilot for bulk purchase of modular units; and changes to the VHIP program to allow upfront loans or grants to developers. "The proposal here would be to expand that to…
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