Louisiana Senate Bill SR120

Louisiana 2015 Regular Session

• Introduced: 5/18/15
• Refer: 5/19/15
• Report Pass: 6/1/15
• Passed: 6/2/15

Caption

Requests the Senate Committee on Local and Municipal Affairs to study and make recommendations on how to establish recurring funding for the Louisiana Housing Trust Fund.

Impact

Historically, the Louisiana Housing Trust Fund received a one-time allocation of $25 million in 2007, resulting in significant outcomes such as the construction of 323 homes and the creation of 463 jobs. However, since then, there have been no additional allocations, which has hampered the ability of the fund to continue meeting the growing demand for affordable housing. The proposed resolution seeks to create a continuous stream of funding which would not only benefit low-income families but also stimulate economic activity in communities across the state.

Summary

Senate Resolution 120 (SR120) aims to address the funding challenges faced by the Louisiana Housing Trust Fund, which was established by Act 734 in 2003. This resolution calls upon the Senate Committee on Local and Municipal Affairs to study and make recommendations for establishing a recurring funding mechanism for the Trust Fund. The intention is to enhance the financial resources available to support the development, rehabilitation, and preservation of affordable housing for low-income individuals and families across Louisiana, thereby addressing issues of homelessness and housing accessibility.

Sentiment

The sentiment surrounding SR120 is largely positive among housing advocates and organizations, who view it as a crucial step towards ensuring that affordable housing remains a priority for the state. The ability to secure recurring funding is seen as essential for the Trust Fund to continue its mission. While there is support for SR120, discussions may still arise around the mechanisms for funding and the broader implications for state budgets and resource allocation.

Contention

There may be points of contention regarding how to establish the funding sources for the Louisiana Housing Trust Fund. In past discussions, stakeholders have raised concerns over potential impacts on state finances, prioritization of housing versus other needs, and the methods through which funds would be raised. As the Senate Committee investigates these aspects, they will need to balance the goal of enhancing housing accessibility with fiscal responsibility.