CREATE ZERO INTEREST DOWN PAYMENT LOAN FUND

Summary

The bill establishes a Zero Interest Down Payment Loan Fund in the state treasury to provide interest‑free loans covering up to 20% of a home’s purchase price for first‑time buyers. The fund is financed by redirecting excess oil and gas extraction taxes and federal mineral leasing revenues that would otherwise go to early‑childhood, behavioral health, and Medicaid trust funds. The Mortgage Finance Authority will administer the loans, which are secured by a 30‑year mortgage and must be repaid if the home is sold early.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share