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 fixed interest rate of two percent 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 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. It also includes a provision for the fund to expire on June 30, 2030, and declares the Act an emergency measure. The Bank of North Dakota is authorized to create policies and guidelines for the administration of the loan program.