Workforce housing investment bill heard

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There is a severe shortage of affordable workforce housing in many areas of the state. A proposal to help ease the shortfall would capture the growth in the mortgage registry and deed-imposed taxes from September 2019 through 2029, and it would place the revenue in the Workforce and Affordable Homeownership Development account. The money raised would be used for affordable and workforce homeownership development grants and loans to cities, tribal governments, nonprofit organizations, cooperatives, and community land trusts. The funds will serve households up to 115% of area median income. The mortgage registry tax rate is 0.23% ($230 per $100,000 borrowed) on the amount borrowed and the deed tax rate is 0.33% ($330 per $100,000 deed value) of the purchase price. After passing the bills through the first committee, it will go next to the Tax Committee. (SF 942)