SB2234 Summary

• Establishes an essential service worker home ownership incentive program and fund at the Bank of North Dakota to provide secondary mortgage liens for primary residence purchases by qualified essential service workers.

• Defines "essential service worker" as individuals employed by the state, cities, counties, school districts, medical or long-term care facilities, or other essential public service employers as determined by the housing finance agency.

• Allows secondary loans to qualified essential service workers in conjunction with single-family residential mortgages, with full repayment required if the borrower ceases employment as an essential service worker or sells/refinances the home.

• Appropriates $500,000 from the housing incentive fund to the new essential service worker home ownership incentive fund for the 2017-2019 biennium, with $250,000 required to be disbursed in planning regions one and eight.

• Adds purchasing assistance for single-family residential mortgage loans through the essential service worker home ownership incentive fund as an allowable use of the housing incentive fund.