The Local Government Interim Committee (I’m one of eight on the committee), passed out three bills addressing the affordable housing shortage in Montana. These bills are assigned to committee members for the 2019 MT. Legislature.
- A bill for an Act providing for workforce housing tax credits. This is an act that would establish state credits better known as 4 percent LIHTC credits which make the state eligible to receive 4 percent federal LIHTC credits. Technical stuff but very simply said, the credits are sold (syndicated) to private entities who use them to offset tax liability, with the proceeds going to the developer. The developer has strict obligations to build units, primarily geared towards people earning 60% or less of Area Median Income (AMI).
- A bill for an Act allowing the Big Sky Economic Development program funds, and Treasure State Endowment Program (From the Coal Trust Fund), to include infrastructure expenses for housing development for low income and moderate income households.
- A bill for an Act providing funding for low and moderate income housing from the permanent Coal Severance Tax trust fund for low interest loans. This adds 15 million dollars to the fund expanding the current 40 million dollar fund used for the Montana veteran loan mortgage program. The former funding will now be available to all income income eligible residents.