The bill aims to authorize additional funding for low-income and moderate-income housing loans from the Permanent Coal Tax Trust Fund, amending existing laws to increase the amount allocated for these purposes. Specifically, it increases the amount the Board of Housing can administer for housing loans from $15 million to $30 million, allowing for the development and preservation of homes and apartments to assist eligible applicants. Additionally, the bill modifies the terms of loans, including a stipulation that projects funded must display signage indicating they are supported by coal tax revenue.

Furthermore, the bill amends the interest rate structure for loans, ensuring that the minimum interest rate is set at 0.5% less than the rate charged for loans funded by the Housing Montana Fund. It also emphasizes that funds from the coal tax trust fund cannot replace existing funding sources for eligible activities and cannot be used for other programs or services administered by the Board. The act is set to take effect on July 1, 2023.

Statutes affected:
HB0546_1.pdf: 17-6-308, 90-6-137
HB0546_2.pdf: 17-6-308, 90-6-137
HB0546_3.pdf: 17-6-308, 90-6-137
Amended: 17-6-308, 90-6-137
Introduced: 17-6-308, 90-6-137