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Bill Summary · SB 223

Summary of SB 223: Allow Interest Earned on Workforce Housing Appropriations to be Retained

Bill Overview

Bill Number: SB 223
Title: Allow interest earned on workforce housing appropriations to be retained
Status: Chapter Number Assigned
Introduced: November 22, 2024
Classification: Bill
Subjects: Housing, Labor and Employment, State Finance

Purpose and Intent

The primary purpose of SB 223 is to enable the retention of interest earned on appropriations designated for workforce housing. This legislation aims to enhance the financial resources available for workforce housing initiatives by allowing any interest accrued on these funds to remain with the appropriations rather than being returned to the state’s general fund.

Key Provisions

  • Retention of Interest: The bill specifically allows for the interest earned on appropriations for workforce housing to be retained by the housing program, thereby increasing the total funds available for housing projects.
  • Impact on Funding: By retaining interest, the bill aims to bolster funding for workforce housing, which is critical for supporting low- to moderate-income workers in accessing affordable housing options.

Affected Parties

  • Workforce Housing Programs: Organizations and agencies involved in workforce housing development will benefit from increased funding due to the retention of interest.
  • Low- to Moderate-Income Workers: The bill indirectly supports this demographic by potentially increasing the availability of affordable housing options.

Legislative Timeline

  • November 22, 2024: Bill introduced and assigned to a drafter.
  • January 28, 2025: First reading in the Senate.
  • February 3-10, 2025: The bill underwent committee reviews and passed through various readings in the Senate before being transmitted to the House.
  • April 8-11, 2025: The House reviewed and concurred with the bill, leading to its transmission to the Governor.
  • May 5, 2025: The bill was signed by the Governor.
  • May 8, 2025: Chapter number assigned, finalizing the legislative process.

Conclusion

SB 223 represents a strategic move to enhance the financial viability of workforce housing initiatives by allowing the retention of interest on appropriations. This legislation is expected to provide additional resources for housing programs, ultimately benefiting low- to moderate-income workers in need of affordable housing solutions.

Compiled from official sources — confirm details with the bill’s official record.

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