No. HB 1259
Filed under Housing.
Trust Funds/Creation/First-time Homebuyer Assistance Program Trust Fund; Establishes First-time Homebuyer Assistance Program Trust Fund; requires Department of Revenue to transfer certain funds to trust fund; requires trust fund to provide funding for certain program.
Plain English Summary
AI-GENERATEDThe Department of Revenue must transfer all funds received under a specific statute into the new trust fund.
The trust fund is legally required to provide funding for the First-time Homebuyer Assistance Program.
The fund is subject to a mandatory review and will automatically terminate on July 1, 2030.
The bill only takes effect if companion legislation is adopted in the same legislative session.
AICreates a new state trust fund specifically for first-time homebuyer assistance.
AIRequires the Department of Revenue to move all specific tax revenue into the new trust fund.
AILimits the use of the trust fund exclusively to the First-time Homebuyer Assistance Program.
AIRequires the fund to be reviewed and automatically terminated on a specific date.