This bill establishes a new section in chapter 6-09 of 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 more than five million dollars in oil and gas gross production tax revenue. The loans will carry a two percent interest rate and must be repaid by June 30, 2030. Additionally, the Bank will deposit all payments made under these loans back into the fund and may use a portion of the interest for administrative costs, including audits.

The bill appropriates $10 million from the general fund to the housing development loan fund, with the transfer occurring between the effective date of the Act and June 30, 2027. The Act is set to expire on June 30, 2030, and is declared an emergency measure, allowing for its immediate implementation. The Bank of North Dakota is also granted the authority to adopt policies and guidelines for the administration of this loan program.