SB 6527 - DIGEST

(SEE ALSO PROPOSED 1ST SUB)

     Directs the department of community, trade, and economic development, in cooperation with the housing finance commission, to develop a state-wide pilot program to provide down payment assistance loans to eligible employees of school districts.

     Requires the department and the commission to report to the legislature by December 15, 2000, regarding the results of the program including information about the number of borrowers assisted, the average amount of the down payment assistance, and the number of loans in each school district.

     Makes an appropriation of five hundred thousand dollars from the general fund to the department of community, trade, and economic development for the fiscal year ending June 30, 2001, to be used by the department of community, trade, and economic development to work in cooperation with the housing finance commission to develop a state-wide pilot program to provide down payment assistance loans to eligible employees of school districts.