House approves housing infrastructure loan fund, with funding still to come
House lawmakers approved a bill Tuesday aimed at lowering the cost of new housing.
The bill, HB 1005, would create a loan fund that local governments can access to pay for infrastructure for new housing – things like roads and sidewalks and water, sewer, gas and electric lines.
Some builders say those infrastructure costs add as much as $57,000 to every new home.
READ MORE: Bill aimed at making new housing more affordable clears first legislative committee
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Rep. Doug Miller (R-Elkhart) said the bill prioritizes loan requests for municipalities that have voluntarily relaxed some local rules. That includes restrictions on housing density, architectural standards, garage size and off-street parking.
“If they chose not to do some of those things, they would still be eligible for money – perhaps just not as much as they applied for,” Miller said.
The bill also requires that 70 percent of the loan fund go to communities of less than 50,000 people.
The funding for this bill will be part of the state budget debate.
The measure now heads to the Senate.
Brandon is our Statehouse bureau chief. Contact him at firstname.lastname@example.org or follow him on Twitter at @brandonjsmith5.