By Eric Dietrich, Montana Free Press
A long-discussed Democratic bill that aims to direct $500 million of the state’ budget surplus into an affordable housing construction fund got its initial hearing Monday, giving proponents a venue to argue that the state needs to back up market-oriented housing efforts with public dollars that can subsidize affordable housing.
House Bill 574, sponsored by House Minority Leader Kim Abbott, D-Helena, would make hundreds of millions of dollars available for grants and loans to support private-sector housing projects that produce homes and apartments at prices intended to be affordable for lower-income residents. Money put into low-interest loans would be repaid to the fund by borrowers, providing an ongoing stream of state money for subsidized housing.
