ND HB1297

Bank of North Dakota shall maintain and administer a revolving loan fund providing low-interest loans to certified community land trusts for affordable housing in non-oil and non-gas-impacted counties.

All moneys transferred into the fund, interest earned, and loan repayments are continuously appropriated to the Bank for administrative costs and loan disbursement, with the Bank authorized to deduct an annual service fee.

Housing finance agency approves loan applications from qualified community land trusts meeting established criteria, then forwards approved applications to the Bank for final approval and disbursement.

Loans must address affordable housing needs including continuing availability of rental housing, addressing workforce housing shortages for low-to-moderate income households, and assisting communities with housing needs.

Bank of North Dakota shall transfer $5,000,000 from current earnings and undivided profits to the affordable housing revolving loan fund during the biennium ending June 30, 2019.