Bill > S109

This bill establishes and funds the Smart Growth Housing Trust Fund, a dedicated account managed by the Department of Housing and Community Development and the Department of Revenue. This fund will be used to make payments to communities under specific chapters of law (40R and 40S) related to smart growth initiatives, which encourage development in areas that are walkable, transit-oriented, and have a mix of housing and businesses. The fund will receive revenue from the sale of surplus state lands, a portion of income tax revenue from residents in designated smart growth districts, and monetary sanctions imposed by the Department of Housing and Community Development. The bill also outlines procedures for estimating future obligations, transferring excess funds to the General Fund, and ensuring that payments for smart growth school cost reimbursements are made from this trust fund, with provisions for prorating payments if the fund is insufficient.