Housing board would manage $115 million for affordable rental housing

The Board of Housing would manage $115 million from the coal tax trust fund for housing loans. Eligible projects would provide rental housing for people with low or moderate incomes, including developing or preserving mobile home parks. Loans would cover no more than 95% of development costs and have first claim on the property if the borrower fails to repay. The money could not replace existing or available funding, and unused money would remain invested.

The state treasurer would transfer $50 million from the general fund to the permanent coal tax trust fund. The transfer would move money between two state funds. The draft would take effect on passage and approval, with the transfer required within 15 days.