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Committee advances bill removing cap on mortgage revenue bonds used for Georgia Dream
Summary
House Bill 1180 would lift the statutory cap on mortgage revenue bond issuance that funds Georgia Dream homeownership programs; sponsors said the bonds are not state‑backed debt and removing the cap avoids program interruptions for first‑time buyers and essential workers.
Chairman Clint Crow presented House Bill 1180 to remove or relax the statutory cap on mortgage revenue bonds used to fund Georgia Dream and other homeownership programs administered by the Georgia Housing and Finance Authority (GHFA) and the Department of Community Affairs. Crow said these bonds are secured by GHFA credit, not the full faith and credit of the state, and that issuance is subject to approval by the Georgia State Finance and Investment Commission (GSFIC).
Crow and Deputy Commissioner Wesley Brooks said removing the cap prevents a situation in which program liquidity could be constrained by a statutory limit and would allow GHFA to continue supporting first‑time homebuyers, veterans and educators; Brooks said about one‑third of last year's loans were made in members' districts. The committee moved the bill forward by motion and voted to advance it.
