Bill Text: NH SB15 | 2019 | Regular Session | Introduced
Bill Title: Making an appropriation to the affordable housing fund.
Spectrum: Slight Partisan Bill (Democrat 11-6)
Status: (Engrossed - Dead) 2019-11-13 - Committee Report: Inexpedient to Legislate (Vote 20-0; Consent Calendar) [SB15 Detail]
Download: New_Hampshire-2019-SB15-Introduced.html
SB 15-FN-A - AS INTRODUCED
2019 SESSION
19-0209
05/10
SENATE BILL 15-FN-A
AN ACT making an appropriation to the affordable housing fund.
SPONSORS: Sen. Bradley, Dist 3; Sen. Watters, Dist 4; Sen. Cavanaugh, Dist 16; Sen. Feltes, Dist 15; Sen. Fuller Clark, Dist 21; Sen. Hennessey, Dist 5; Sen. Levesque, Dist 12; Sen. Morgan, Dist 23; Sen. Reagan, Dist 17; Sen. Rosenwald, Dist 13; Sen. Soucy, Dist 18; Sen. Ward, Dist 8; Rep. Martin, Hills. 23; Rep. Wallner, Merr. 10; Rep. Graham, Hills. 7; Rep. Danielson, Hills. 7; Rep. Hennessey, Graf. 1
COMMITTEE: Finance
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ANALYSIS
This bill makes an appropriation to the housing finance authority for deposit in the affordable housing fund. The bill also directs the treasurer to make an annual transfer of $5,000,000 from real estate transfer tax revenue to the affordable housing fund.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
19-0209
05/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nineteen
AN ACT making an appropriation to the affordable housing fund.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Appropriation; Affordable Housing Fund. The sum of $10,000,000 for the biennium ending June 30, 2021, is hereby appropriated to the housing finance authority for deposit in the affordable housing fund established in RSA 204-C:57, for the purpose of providing financing or state matching funds for affordable housing. The appropriation shall be in addition to any other funds appropriated to the housing finance authority. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
2 New Paragraph; Real Estate Transfer Tax; Transfer to the Affordable Housing Fund. Amend RSA 78-B:13 by inserting after paragraph II the following new paragraph:
III. Annually, on or before October 1, the commissioner shall direct the state treasurer to transfer the sum of $5,000,000 from revenue collected pursuant to the tax imposed by RSA 78-B:1 to the affordable housing fund established in RSA 204-C:57.
3 Effective Date. This act shall take effect July 1, 2019.
19-0209
Redraft 1/7/19
SB 15-FN-A- FISCAL NOTE
AS INTRODUCED
AN ACT making an appropriation to the affordable housing fund.
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
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| Estimated Increase / (Decrease) | |||
STATE: | FY 2020 | FY 2021 | FY 2022 | FY 2023 |
Appropriation | $10,000,000 | $0 | $0 | $0 |
Revenue | ($5,000,000) | ($5,000,000) | ($5,000,000) | ($5,000,000) |
Expenditures | $10,000,000 | $0 | $0 | $0 |
Funding Source: | [ X ] General [ ] Education [ ] Highway [ ] Other | |||
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METHODOLOGY:
This bill makes a general fund appropriation of $10 million to the New Hampshire Housing Finance Authority for deposit into the affordable housing fund to provide financing or state matching funds for affordable housing. The bill also directs the Treasurer to make an annual transfer of $5 million of real estate transfer tax revenue to the affordable housing fund. This annual transfer will reduce general fund unrestricted revenue by $5 million in FY 2020 and in each year thereafter.
AGENCIES CONTACTED:
Treasury Department