This bill aims to revise the laws related to the Housing Montana Fund by allowing the Board of Housing to make grants in addition to loans from the fund. Key amendments include changing the definition of "moderate-income" households to those earning between 81% and 140% of the median income for the area, and explicitly permitting the Board to provide both loans and grants to eligible applicants. The bill also mandates that 20% of the fund's disbursements be allocated to rural areas based on population. Furthermore, it establishes that the Board can accept contributions and grants for the fund, and outlines the types of financial assistance that can be provided, including matching funds, bridge financing, and technical assistance.

Additionally, the bill includes a provision for the transfer of $100 million from the general fund to the Housing Montana Fund within 15 days of the act's effective date, which is set for July 1, 2025. The Board is tasked with adopting rules to implement the provisions of the act, including eligibility criteria for loan and grant applicants, application processes, and disbursement procedures. Overall, the bill seeks to enhance the capacity of the Housing Montana Fund to support low- and moderate-income housing initiatives across the state.

Statutes affected:
LC Text: 90-6-132, 90-6-133, 90-6-134, 90-6-136