The bill aims to authorize additional funding for low-income and moderate-income housing loans from the Permanent Coal Tax Trust Fund. It amends Sections 17-6-308 and 90-6-137 of the Montana Code Annotated (MCA) to increase the amount the Board of Housing can administer for housing loans from $65 million to $115 million. This funding is intended to assist eligible applicants in developing and preserving homes and apartments. The bill also stipulates that the Board of Investments must allow the Board of Housing to manage these funds, ensuring that the money remains invested until it is loaned out to qualified applicants.

Additionally, the bill includes a provision for the transfer of $50 million from the general fund to the coal severance tax permanent fund, which must occur within 15 days of the act's effective date. The act is set to take effect immediately upon passage and approval. Overall, the legislation seeks to enhance financial support for housing initiatives aimed at low-income and moderate-income individuals in Montana.

Statutes affected:
LC Text: 17-6-308, 90-6-137