The bill establishes the Wyoming Housing Revolving Loan Program, aimed at addressing the critical shortage of adequate and affordable housing in the state. It creates a dedicated account to manage funds for housing projects, allowing for loans to local governments, housing authorities, and nonprofit entities for new construction, rehabilitation, and land acquisition related to affordable housing. The program will be administered by an authority that will also set rules and an application process for loan distribution. The bill specifies that up to 80% of the account balance can be used for loans with interest rates not exceeding the federal funds rate, while 20% can be allocated for planning and predevelopment expenses at a zero percent interest rate.

Additionally, the bill mandates annual reporting to the joint appropriations committee on the account's balance, loans made, and any recommendations for future legislation. It includes a provision for a $30 million transfer from the strategic investments and projects account to the housing revolving loan account, contingent on the status of the former account by July 1, 2026. The bill also amends existing definitions to incorporate the new section related to the housing program and ensures that funds in the account do not lapse at the end of the fiscal biennium.

Statutes affected:
Introduced: 9-7-103