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REFERENCE TITLE: affordable housing; private investment; fund |
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State of Arizona Senate Fifty-fourth Legislature First Regular Session 2019
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SB 1449 |
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Introduced by Senator Bradley
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AN ACT
amending Title 41, chapter 37, article 2, Arizona Revised Statutes, by adding section 41-3954; appropriating monies; relating to affordable housing.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 41, chapter 37, article 2, Arizona Revised Statutes, is amended by adding section 41-3954, to read:
41-3954. Affordable housing private investment matching fund; purpose; exemption
A. The affordable housing private investment matching fund is established. the department shall administer the fund. The fund consists of monies appropriated by the legislature and investment earnings on monies in the fund. On notice from the department, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.
B. Monies in the fund are continuously appropriated. The department shall use monies in the fund to provide matching contributions for private investments in affordable housing projects that further the objectives and programs of the department.
C. Monies in the fund are exempt from the provisions of section 35‑190 relating to lapsing of appropriations.
Sec. 2. Appropriation; affordable housing private investment matching fund; exemption
A. The sum of $5,000,000 is appropriated from the state general fund in fiscal year 2019-2020 to the affordable housing private investment matching fund established by section 41-3954, Arizona Revised Statutes, as added by this act.
B. The appropriation made in subsection A of this section is exempt from the provisions of section 35-190, Arizona Revised Statutes, relating to lapsing of appropriations.