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Panel advances loan pool bill to lower housing development costs with 25% local match
Summary
Senate Bill 2758, advanced by the committee as a committee substitute, would create a low-interest (2% for 20 years) infrastructure loan pool requiring a 25% local match and restrict local governments from using lot-size or house-size rules to limit housing in areas using the loans; the bill contains no appropriation and was reported out of committee.
Chair described Senate Bill 2758 as a product of earlier special hearings on housing: the bill would establish a loan pool for infrastructure (water and utilities) to reduce upfront development costs, require a 25% local match, and offer 2% loans for 20 years. The chair said the committee substitute converted an earlier grant/loan model into the loan-only, low-interest program and emphasized the program is geared toward rural and low-income areas. The chair added that when localities use the loan funding for a project area, they cannot then restrict lot sizes or house sizes in that area.
A committee member asked whether the bill is double-referred; the chair confirmed it goes to AET. The committee moved that SB 2758 do pass as a committee substitute; the motion carried and the chair said the committee would report the bills out. The chair noted the bill contains no appropriation and that any funding would require a separate appropriation.
