At MTFP - Compromise Housing Bill Emerges Late in the Session

As presented …, the new package would put $175 million of state General Fund money toward housing programs and also authorize using $50 million from the state coal trust to provide loans to help developers build rent-restricted apartments

At MTFP - Compromise Housing Bill Emerges Late in the Session
Do not index
Do not index
Read the article at the Montana Free Press by Eric Dietrich
“The housing infrastructure and coal trust housing proposals bundled into the compromise bill are smaller than the standalone proposals. The governor had sought $200 million for his infrastructure proposal, an amount now reduced to $106 million in the compromise bill. The Regier-Abbott bill passed the House with a provision that would have stashed $115 million of the surplus in the coal trust for housing loans. The current compromise bill doesn’t put any new money in the trust, instead authorizing the Montana Board of Housing to make affordable housing project loans with an extra $50 million of its existing contents, which are currently invested in other ways.
The $56 million mortgage assistance program would distribute the money to a mortgage assistance program administered by regional “community reinvestment organizations.” Homes purchased through the program would be deed-restricted, meaning participating homebuyers would have to pay the program back if they eventually sell at a profit, letting the funds be reused.
The infrastructure portion of the proposal would make low-interest loans to help build water lines, sewer lines, streets, sidewalks and other physical assets necessary to serve new urban housing development. Those loans would be made available to local governments and private developers through the Montana Board of Investments. To qualify, projects would have to build at a density of at least 10 units per acre and would need to produce deed-restricted units.
The coal trust portion of the bill would make $50 million more available for loans through the state’s existing Multifamily Coal Trust Homes program, which was created in 2019 by a bill sponsored by Rep. Dave Fern, D-Whitefish. Those loans would be used to help finance housing projects that add housing affordable for low-income residents, including mobile home parks.
The compromise bill also includes a $1 million allocation for administrative work on housing through the Montana Department of Commerce and a provision that would put $12 million toward funding housing opportunities for state employees who work at major rural institutions such as the Montana State Prison in Deer Lodge and Montana State Hospital in Warm Springs.”

Our communities play an important role in our daily lives. They provide the governance & infrastructure that embrace our values, maintain our public space, support business & keep us safe.

Become & stay involved locally, attend public meetings, share your voice. Volunteer for boards & commissions, encourage your neighbors & friends to become involved! Support local business! Celebrate Local! Support Local!

Visit Support Local