Amendments for SB25-006
Senate Journal, January 31
After consideration on the merits, the Committee recommends that SB25-006 be amended
as follows, and as so amended, be referred to the Committee of the Whole with favorable
recommendation.
Amend printed bill, page 2, line 10, after "of" insert "state-funded".
Page 2, line 11, strike "housing." and substitute "housing and there is a need for
more for-sale housing, especially for the lowest income borrowers.".
Page 2, line 23, strike "STATE." and substitute "STATE CONSISTENT WITH THE
PUBLIC PURPOSES OF THE QUASI-GOVERNMENTAL AUTHORITY ISSUING THE
BONDS.".
Page 2, line 25, strike "INTEREST." and substitute "INTEREST FOR THE PURPOSES
SET FORTH IN SUBSECTION (8)(b)(I)(C) OF THIS SECTION.".
Page 3, line 1 after "(I)" insert "(A)".
Page 3, line 2, after "CREATE" insert "OR FINANCE NEW DEED-RESTRICTED,".
Page 3, line 4, strike "CREATED." and substitute "MADE AVAILABLE AT SIMILAR
RATES AND TERMS.".
Page 3, after line 4 insert:
"(B) THE HOUSING CREATED WITH PROCEEDS OF THE BONDS MUST
REMAIN AFFORDABLE LONG-TERM AND BE AVAILABLE TO BORROWERS EARNING
NO MORE THAN ONE HUNDRED FORTY PERCENT OF THE STATEWIDE AREA
MEDIAN INCOME AS DEFINED ANNUALLY BY THE UNITED STATES DEPARTMENT
OF HOUSING AND URBAN DEVELOPMENT WITH CONSIDERATION GIVEN TO
ELEVATING OPPORTUNITIES FOR FOR-SALE HOUSING FOR THE LOWEST INCOME
BORROWERS AND TAKING INTO CONSIDERATION DEMONSTRATED COMMUNITY
NEEDS. RECIPIENTS OF BOND PROCEEDS MUST ENSURE INCOME VERIFICATIONS
ARE COMPLETED.
(C) PROCEEDS OF THE BONDS MUST BE USED BY RECIPIENTS TO PROVIDE
LOANS FOR CONSTRUCTION OF THE AFFORDABLE FOR-SALE HOUSING OR
MORTGAGES. RECIPIENTS OF BOND PROCEEDS MUST PASS ON BELOW-MARKET
INTEREST RATES TO LOAN BORROWERS THROUGH INTEREST RATE BUY-DOWNS.".
Page 3, line 5, strike "INITIAL".
Page 3, line 7, strike "DOLLARS." and substitute "DOLLARS IN ANY STATE FISCAL
YEAR. NOTWITHSTANDING ANY LAW TO THE CONTRARY, THE TERM OF AN
INVESTMENT MADE PURSUANT TO THIS SUBSECTION (8) MAY BE UP TO
FORTY-FIVE YEARS.".
Page 3, strike lines 8 through 13 and substitute:
"(III) ANY BOND PURCHASED IN ACCORDANCE WITH THIS SUBSECTION
(8) MUST HAVE AT LEAST TWO CREDIT RATINGS AT OR ABOVE A- OR A3 OR ITS
EQUIVALENT FROM A NATIONALLY RECOGNIZED RATING ORGANIZATION AND
MUST OTHERWISE BE ELIGIBLE FOR PURCHASE CONSISTENT WITH THE STATE
TREASURER'S INVESTMENT POLICIES. THE ISSUANCE OF THE BONDS MUST BE
CONSISTENT WITH THE PUBLIC PURPOSES OF THE QUASI-GOVERNMENTAL
AUTHORITY ISSUING THE BONDS.".
Page 3, line 14, strike "MAY" and substitute "SHALL" and strike "MONEY" and
substitute "PRINCIPAL PROCEEDS".
Page 3, after line 16 insert:
"(V) RECIPIENTS OF BOND PROCEEDS SHALL PROVIDE AN ANNUAL
REPORT TO THE TREASURER THAT INCLUDES THE TOTAL NUMBER OF UNITS
CONSTRUCTED IN THE REPORTING YEAR AND AT WHAT LEVELS OF
AFFORDABILITY THE UNITS WILL BE OFFERED FOR SALE, A MAP SHOWING EACH
LOCATION WHERE PROCEEDS OF THE BONDS HAVE BEEN USED, AND THE
AVERAGE SALE PRICE OF AFFORDABLE FOR-SALE HOUSING CREATED WITH BOND
PROCEEDS THAT SOLD IN THE REPORTING YEAR CATEGORIZED BY RURAL,
URBAN, AND RURAL RESORT REGIONS.".
Page 3, strike lines 17 through 25 and substitute:
"SECTION 3. Safety clause. The general assembly finds, determines,
and declares that this act is necessary for the immediate preservation of the
public peace, health, or safety or for appropriations for the support and
maintenance of the departments of the state and state institutions.".
Agriculture &
Natural
Resources
Senate Journal, February 4
SB25-006 by Senator(s) Roberts; also Representative(s) Rutinel and Bradfield--Concerning
authorization for the state treasurer to invest state money for the creation of affordable for-
sale housing in the state.
Amendment No. 1, Local Government & Housing Committee Amendment.
(Printed in Senate Journal, January 31, page(s) 103-104 and placed in members' bill files.)
Amendment No. 2(L.004), by Senator Roberts.
Amend the Local Government and Housing Committee Report, dated January
30, 2025, page 1, strike lines 8 and 9.
Page 1, strike lines 11 and 12 and substitute:
"Page 3, line 2, strike "AFFORDABLE" and substitute "OR FINANCE NEW
AFFORDABLE, INCOME-RESTRICTED".".
Page 2, strike lines 3 through 9 and substitute "CONSIDERATION DEMONSTRATED
COMMUNITY NEEDS. THE QUASI-GOVERNMENTAL AUTHORITY ISSUING THE
BONDS OR ITS DESIGNEE SHALL REQUIRE THAT INCOME VERIFICATIONS ARE
COMPLETED.".".
Page 2, strike line 10.
Page 2, lines 11 and 12, strike "strike "DOLLARS." and substitute "DOLLARS IN
ANY STATE FISCAL YEAR. NOTWITHSTANDING" and substitute "after the period
insert "NOTWITHSTANDING".
Page 2, line 26, strike "RECIPIENTS OF BOND PROCEEDS" and substitute "THE
QUASI-GOVERNMENTAL AUTHORITY ISSUING THE BONDS".
Page 2, line 27, after "TREASURER" insert "AND THE GENERAL ASSEMBLY".
Page 2, line 33, strike "REGIONS."." and substitute "REGIONS. THE REPORT MUST
ALSO INCLUDE HOUSING MARKET AND DEMOGRAPHIC INFORMATION THAT
DEMONSTRATES HOW THE UNITS CREATED ADDRESS THE NEED FOR AFFORDABLE
FOR-SALE HOMES IN THE COMMUNITIES THEY ARE INTENDED TO SERVE AND
PROVIDE INFORMATION ABOUT ANY REMAINING DISPARITIES CONCERNING
HOUSING AFFORDABILITY WITHIN THESE COMMUNITIES.".".
As amended, ordered engrossed and placed on the calendar for third reading and final
passage.
House Journal, March 25
10 SB25-006 be amended as follows, and as so amended, be referred to
11 the Committee of the Whole with favorable
12 recommendation:
13
14 Amend reengrossed bill, page 4, line 6, strike "(8)." and substitute "(8);
15 EXCEPT THAT ANY REINVESTMENT SHALL ONLY BE MADE AFTER THE STATE
16 TREASURER RECEIVES REPAYMENT OF FIFTY PERCENT OF THE PRINCIPAL
17 AMOUNT INVESTED.".
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19