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ND HB1362
Bill
Status
1/13/2025
Primary Sponsor
Patrick Hatlestad
Click for details
AI Summary
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Creates a housing development loan fund administered by the Bank of North Dakota to provide low-interest loans to local banks for housing builder and developer assistance programs
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Caps loans at $5 million per county, with an exception of $10 million for counties receiving more than $5 million annually in oil and gas gross production tax revenue
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Sets the interest rate at 2% with all loans due for repayment by June 30, 2030
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Appropriates $10 million in one-time funding from the general fund to capitalize the program, with the fund balance returning to the general fund on June 30, 2030
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Declared an emergency measure, effective immediately upon passage and expiring June 30, 2030
Legislative Description
A housing development loan fund; to provide an appropriation; to provide a continuing appropriation; to provide for a transfer; to provide an expiration date; and to declare an emergency.
Last Action
Second reading, failed to pass, yeas 8 nays 85
2/12/2025