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Senate approves SB 1567 to create a construction revolving loan for mixed‑income housing
Summary
SB 1567 establishes a construction revolving loan fund intended to advance mixed‑income housing projects during high interest rates; proponents called it a tool to catalyze building, while opponents warned government involvement can increase costs and requested audits of spending.
Senator Pham carried Senate Bill 1567 to the floor, describing it as a construct to establish a construction revolving loan fund for mixed‑income housing to address stalled projects amid high interest rates and financing gaps. "This revolving loan model leverages a one‑time public investment, recycles repayments, and stretches limited dollars further," Pham said, and urged colleagues to support the bill.
Senator Gerard opposed the measure on fiscal and policy grounds, arguing the state already spends heavily on housing and that involvement can raise costs: "The minute the very minute that government touches a housing project, the cost longer affordable housing," he said and called for audits to determine what returns the state receives from prior investments.
Senator Patterson spoke in favor, saying the revolving loan model has worked elsewhere and could support both affordable and workforce housing alongside market‑rate production. After floor debate the clerk called the roll and the Senate declared SB 1567 passed on third reading.
Floor remarks referenced bipartisan collaboration and staff readiness for implementation; members raised both the program's potential to accelerate construction and concerns about oversight and long‑term affordability.
