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LC 1868

Authorize additional funding for the coal trust multi-family home loan program

2025 Regular Session

Authorizes additional funding from the Coal Tax Fund for the coal trust multi-family home loan program, expanding loans to developers and tenants in eligible multi-family housing.

(LC) Draft Died in Process
#appropriations #coaltaxfundprincipal #housing #moneytransfer
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Bill Summary · LC 1868

Summary: LC 1868 — Authorize additional funding for the coal trust multi-family home loan program

Overview

LC 1868 is a legislative measure introduced on November 22, 2024, titled “Authorize additional funding for the coal trust multi-family home loan program.” The bill is classified as an appropriations measure connected to the Coal Tax Fund Principal, housing, and related money transfers. The document is an LC (Legislative Counsel) draft. As of May 27, 2025, the status is “Draft Died in Process,” meaning the bill did not advance through the legislative process.

What the bill would do

  • Authorize additional funding for the coal trust multi-family home loan program.
    • The specific funding amount is not provided in the information available here.
    • Funding would support the program’s ability to provide loans for multi-family housing.

Fiscal and funding context

  • Source of funds: The bill’s classification references the Coal Tax Fund Principal, indicating the potential use of coal-related fund resources to support housing loans.
  • Nature of action: An appropriations measure, likely involving a transfer or allocation of funds to the coal trust multi-family home loan program within the state budget framework.
  • Timing and process: The legislative actions show a sequence of drafting steps in early 2025, with the final status indicating the draft died in process in May 2025. No enacted provisions are available.

Likely programmatic implications (high-level)

  • Purpose: Enhance financing capacity for the coal trust multi-family home loan program, enabling more multi-family housing projects to secure loans.
  • Target beneficiaries: Developers and owners of multi-family housing projects that meet program eligibility, as well as tenants in those developments.
  • Program terms (to be defined in the actual text): Loan availability, eligibility criteria, interest rates or subsidies, repayment terms, and any caps on total loans or funding per project. Administration and oversight provisions would typically accompany an appropriations bill.
  • Oversight and reporting: Appropriations bills often include reporting requirements to monitor fund use, loan performance, and program outcomes.

Affected entities

  • State housing agencies or authorities administering the coal trust program.
  • Multi-family housing developers and owners seeking loan financing.
  • Tenants in eligible multi-family housing developments receiving program support.
  • Stakeholders connected to the Coal Tax Fund and related fiscal management.

Procedural and timeline notes

  • Introduced: November 22, 2024
  • Drafting milestones: Delivered, ready for delivery, input/proofing, legal review, etc., through January 2025.
  • Final status: Draft Died in Process as of May 27, 2025.
  • Implication: Without enactment, no new appropriations would be authorized by this bill, and the program would rely on existing funding.

Key questions (if the bill were revived or reintroduced)

  • What is the exact funding amount requested for the coal trust multi-family home loan program?
  • What are the eligibility criteria, loan terms, and expected outcomes for the program with the new funding?
  • How would funds be transferred from the Coal Tax Fund Principal, and what safeguards would apply?
  • What reporting and accountability measures would accompany the additional funding?

Note: This summary is based on the bill’s title and classifications, and on the available legislative history. The actual text would provide precise dollar amounts, terms, and conditions.

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

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