Bill > HB505

This bill revises the Montana Housing Infrastructure Revolving Loan Fund (HIRLF) to expand its capabilities and funding. The bill requires that all interest and income earned on the account be retained within the fund, and allows the Board of Investments to use the account to secure bonds and finance various housing projects. The residential development density requirement is reduced from 10 units per acre to 3 units per acre, making it easier for projects to qualify for funding. The bill also authorizes the Board of Investments to use fund interest income to finance mobile home park ownership and multifamily housing. Additionally, the state treasurer is mandated to transfer $50 million from the general fund to the HIRLF by June 30, 2025. The bill removes previous prioritization language that was specific to counties with small populations near state-owned facilities. The changes are retroactively applicable to interest and income earned on the account since June 14, 2023, and the bill becomes effective immediately upon passage. The broader goal appears to be increasing housing infrastructure development and providing more flexible financing options for residential projects across Montana.

Budget and Finance

https://bills.legmt.gov/#/laws/bill/2/LC1905