This bill amends the existing law governing the Housing Finance Authority by raising the cap on outstanding obligations and increasing the bonding authority. Specifically, it changes the maximum amount of outstanding obligations from $600,000,000 to $1,000,000,000, as indicated by the deletions and insertions in the legal text. Additionally, the bill allows the authority to issue notes and bonds not exceeding $1,000,000,000 for various purposes, including providing loans for housing acquisition, construction, or rehabilitation for eligible persons and families.

The bill also clarifies that the total amount of obligations outstanding will exclude those that are refunded through the sale or exchange of new obligations. Furthermore, it specifies that the authority may issue bonds for purposes such as financing housing for families and establishing reserves to secure the notes and bonds. The provisions of the bill will take effect 60 days after its passage, with an effective date of September 13, 2026.

Statutes affected:
Introduced: 162-A:22
As Amended by the House: 162-A:22
As Amended by the Senate: 162-A:22, 204-C:28
Version adopted by both bodies: 204-C:28
CHAPTERED FINAL VERSION: 204-C:28
HB1042 text: 162-A:22