HF3244 Summary

• Adds permanent housing affordable to households at or below 50 percent of area median income as an eligible use for housing infrastructure bonds, with preference given to projects serving households at or below 30 percent of area median income.

• Authorizes an additional $400,000,000 in housing infrastructure bonds beyond the existing $30,000,000 authorization, allowing the agency to issue bonds in one or more series.

• Establishes annual debt service appropriations from the general fund beginning in 2024 through 2045 for the new $400,000,000 bond authorization, with transfers made each July 15 to the housing infrastructure bond account.

• Requires the agency to balance loans between metropolitan and non-metropolitan areas, with further balancing between counties or cities with populations of 20,000 or less versus those exceeding 20,000.

• All provisions are effective the day following final enactment.