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Bill Summary · LC 3755

Summary: LC 3755 — Authorize additional funding for coal trust loan program for housing

Overview

LC 3755 is a draft bill introduced on December 14, 2024, with the title “Authorize additional funding for coal trust loan program for housing.” The bill falls under appropriations, housing, and coal-related tax fund authorities, and is currently in the Legislative Counsel (LC) drafting and delivery process. The core objective is to authorize additional state funding for the coal trust loan program that supports housing initiatives.

What the bill would do

  • Authorize additional appropriations to the coal trust loan program, specifically for housing-related loans.
  • Finance for this program would come from the Coal Tax Fund Principal, aligning with the bill’s subject areas (Appropriations, State Finance, Housing, and Taxation—Coal).
  • The bill is structured to modify or add a funding stream to enhance the program’s capacity to issue loans related to housing projects or housing assistance, though specific loan terms, eligible uses, or recipient categories are not detailed in the information provided.

Who/what would be affected

  • State government and agencies administering the coal trust loan program (likely the agency overseeing housing finance and the Coal Tax Fund).
  • Potential borrowers, including households or housing developers seeking loans funded through the coal trust program.
  • The Coal Tax Fund Principal as a fiscal resource, since the authorization targets additional funding from that principal.
  • Budgetary and legislative oversight bodies that monitor state finance and housing programs.

Key provisions and potential impacts (as available)

  • Funding: Authorization of additional funding to the coal trust loan program for housing purposes.
  • Source: Coal Tax Fund Principal, indicating a fiscal transfer or reallocation within state funds to support housing loans.
  • Scope: The bill concerns housing-related lending funded through coal-derived revenues, potentially expanding affordable or energy-related housing opportunities depending on program design.
  • Oversight: While not specified in the provided material, typical provisions would involve reporting, auditing, and budgetary compliance associated with appropriations. Details on loan terms, eligibility, duration, and repayment are not disclosed in the summary provided.

Procedural and timeline notes

  • Introduced: December 14, 2024.
  • Legislative actions (progress towards delivery):
    • 2024-12-14: Drafter Assigned
    • 2025-03-18 to 2025-03-20: Draft stages including Legal Review, Edit, Input/Proofing, Final Drafter Review, and Assembly readiness.
    • 2025-03-20: Draft Ready for Delivery and related Assembly drafting steps.
  • Current status: (LC) Draft Ready for Delivery, indicating the bill is close to finalization for introduction in the Assembly.

Next steps for readers

  • Monitor committee hearings and amendments to learn details on eligibility, loan terms, repayment expectations, and any reporting requirements.
  • Review fiscal notes or revenue impact statements (if issued) to gauge the budgetary effects and long-term sustainability of the coal fund’s loan program.
  • Assess how the additional funding would influence housing affordability and the deployment of housing projects supported by the program.

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

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