ON APRIL 10, 2024, THE SENATE ADOPTED AMENDMENTS #1 AND #2 AND PASSED SENATE BILL 2182, AS AMENDED.
AMENDMENT #1 rewrites the bill to, instead, provide that an industrial development corporation created by a housing opportunity county or by a municipality within the boundaries of the housing opportunity county or jointly by any combination of such entities has the following powers:
(1) To construct and install public infrastructure for qualified residential developments or contract with a private party for the construction and installation of such public infrastructure;
(2) To accept loans and grants of money from this state or the U.S. or any agency or instrumentality of this state or the U.S., upon such terms and conditions as this state, the U.S., or the agency or instrumentality may impose, for purposes of carrying out the design, construction, installation, financing, or undertaking of public infrastructure; and
(3) To make loans and grants of money to private entities constructing and installing public infrastructure for qualified residential developments within the boundaries of the housing opportunity county upon such terms as the industrial development corporation deems advisable.
As used in this amendment, a "housing opportunity county" means a county that is certified by the comptroller of the treasury and the commissioner of economic and community development as a county with acute needs for additional housing to support the expected growth in population due to the undertaking of one or more economic development projects, whether or not located in the county, that are expected to result in the employment of more than 1,000 new employees. Additionally, as used in this amendment, a "qualified residential development" means an area to be developed for residential housing, which may be single-family housing or multi-family housing so long as that at least 80 percent of the developable area in the development is expected to be used for residential housing, as determined by the industrial development corporation.
If this state or an agency or instrumentality of this state makes a loan or grant to an industrial development corporation in a housing opportunity county for the purposes described in this amendment, then this amendment requires such loan or grant to be made upon such terms as are embodied in a written agreement between this state or an agency or instrumentality of this state and that are approved by the comptroller of the treasury, the commissioner of economic and community development, and the commissioner of finance and administration. Such agreement may include such terms as are deemed advisable to this state to ensure that the housing to be constructed in the qualified residential development is affordable for persons residing in the housing opportunity county.
AMENDMENT #2 makes the following changes:
(1) Establishes that a "housing opportunity county" means a county with acute needs for additional housing to support the expected growth in population due to the undertaking of one or more economic development projects, whether located in the county or surrounding area, that are certified by the commissioner of economic and community development as expected to result in the employment of more than 1,000 new employees; and
(2) If this state or an agency or instrumentality of this state makes a loan or grant to an industrial development corporation in a housing opportunity county for the purposes described in the bill, requires such loan or grant to be made upon such terms as are embodied in a written agreement between this state or an agency or instrumentality of this state and the industrial development corporation and that are approved by the comptroller of the treasury and the commissioner of finance and administration.

Statutes affected:
Introduced: 7-53-305(j), 7-53-305