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2024 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Bulova
Down-Payment Assistance Program

Item 102 #19h

Item 102 #19h

First Year - FY2025 Second Year - FY2026
Commerce and Trade
Department of Housing and Community Development FY2025 $10,000,000 FY2026 $10,000,000 GF

Language
Page 97, line 38, strike "$297,250,885" and insert "$307,250,885".
Page 97, line 38, strike "$297,250,885" and insert "$307,250,885".

Page 99, after line 39, insert:

"M. Out of this appropriation, $10,000,000 the first year and $10,000,000 the second year from the general fund is provided for the Department of Housing and Community Development to create a new grant program directed at down-payment assistance for families earning less than 60 percent of Area Median Income. In administering this program, the department may provide these funds to a third-party, such as Habitat for Humanity for distribution in accordance with the eligibility criteria included in this paragraph and the guidelines for the program created by the department. Grants shall be issues as a forgivable, second trust mortgage and shall be forgiven after the family resided in the home and made regular payments on the first mortgage for fifteen years. The department shall create guidelines for the program on or before December 1, 2024, which shall include performance and accountability criteria should the department choose to use a third-party administrator for this program."



Explanation

(This amendment provides $10.0 million in each year to the Department of Housing and Community Development to create a new grant program to provide second forgivable mortgages to 400 families.)