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State Land Use Enacted Legislation
| Bill # | State | Year | Party | Topic |
|---|---|---|---|---|
HB 819 |
MT | 2023 | R | Affordable housing incentives and financing, Funding, Publicly-owned, Waiver of Fees, Workforce Housing |
Provided by Furman
Summary
- This act provides for the Montana Community Reinvestment plan, which seeks to create attainable workforce housing. It provides for the distribution of funds to community reinvestment organizations, provides for state workforce housing incentive revolving accounts, creates the Montana housing infrastructure revolving account in the state special revenue fund type, provides for planning grants from the department of commerce, and authorizes additional funding for low-income and moderate-income housing loans from the permanent coal tax trust fund.
- “Eligible household” means a household earning between 60% and 140% of median household income for the county in which the person resides or the state, whichever is less. “Attainable workforce housing” is defined as housing of a cost that an eligible household would spend no more than 30% of gross monthly income for a mortgage payment, property taxes, and insurance.
- The Montana community reinvestment plan program creates a deed-restricted housing inventory that becomes attainable workforce housing infrastructure for employers, employees, and entire communities by distributing money to community reinvestment organizations that invest the funds by buying down the costs of mortgages for eligible households. The rate of appreciation on the deed-restricted home may not be greater than 1% a year. There is appropriated one-time-only $50 million from the Montana community investment plan account to the department of commerce, $6 million from the general fund to the governor’s office of economic development, and $1 million from the general fund to the governor’s office of economic development.
Provided by lawmakers
Bill Title
Create Montana community reinvestment act to fund workforce housing
Related resources
Enacted Legislation Related Posts
Research and analysis from the Furman Center on this and related housing policy topics.
