This bill establishes a new section in the North Dakota Century Code to create a Housing Development Loan Fund, which will be administered by the Bank of North Dakota. The fund aims to provide loans to local banks for the purpose of supporting housing development programs in their respective counties. The loans will be capped at five million dollars per county, with a higher limit of ten million dollars for counties receiving significant oil and gas tax revenue. The loans will carry a two percent interest rate and must be repaid by June 30, 2030. Additionally, the Bank will manage the fund's finances, including using a portion of the interest for administrative costs and auditing.

The bill appropriates a one-time funding amount of $10 million from the general fund to the Housing Development Loan Fund, with a transfer period ending on June 30, 2027. It also includes a provision for the balance in the loan fund to be transferred to the general fund by June 30, 2030, and establishes that the act will expire on that same date. The bill is declared an emergency measure, indicating its immediate importance for housing development in the state.