House Bill No. [insert bill number] aims to authorize additional funding for low-income and moderate-income housing loans from the Permanent Coal Tax Trust Fund. The bill 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 from $65 million to $115 million for the development and preservation of homes and apartments. It also revises project requirements, including the elimination of a previous stipulation that projects funded with loans must be subject to property taxes, specifically for those located on tribal lands.

Additionally, the bill establishes that the funds administered by the Board of Housing must remain invested until they are loaned to qualified applicants. It specifies that loans must be in the first lien position and not exceed 95% of total development costs, with a minimum interest rate set at no less than 0.5% below the current coal trust fund investment performance. The bill is set to take effect on July 1, 2025.

Statutes affected:
LC Text: 17-6-308, 90-6-137
HB0878_1(1): 17-6-308, 90-6-137
HB0878_1: 17-6-308, 90-6-137