Relating to: a revolving loan program to provide gap funding for workforce housing programs and granting bonding authority. (FE)

This bill creates a revolving loan program to provide gap funding for workforce housing projects that have already received some financial assistance but still need additional funds to complete construction. It authorizes the state housing authority to issue up to $50 million in bonds to establish a dedicated fund for these loans, which will be repaid by developers and reused to fund future projects. The program targets residential housing where costs do not exceed 30% of 120% of the area median income, benefiting developers and local governments that partner on eligible workforce housing initiatives. The bill also amends existing statutes to exempt these new bonds from certain spending limitations and requires coordination with the state building commission before issuing any bonds.