Proposing a constitutional amendment creating the workforce housing fund to facilitate the development of affordable workforce housing and transferring to that fund $2 billion from state general revenue.
Impact
The implementation of SJR75 is expected to have significant implications on state housing policy and its funding mechanisms. By creating a dedicated fund for workforce housing, the state will legally empower itself to take a proactive role in alleviating the affordable housing crisis. The structure of the fund will allow repayments from loans issued to be redirected back to the general revenue fund, promoting a cycle of reinvestment into housing development. However, the proposed amendment will need to be approved by Texas voters in a future election, slated for November 4, 2025, before it can take effect.
Summary
SJR75 is a joint resolution proposed to amend the Texas Constitution to establish the workforce housing fund, aimed at facilitating the development of affordable workforce housing across the state. This fund will be created as a special account in the state treasury, enabling the provision of low-interest loans to developers engaged in affordable housing projects. The initiative seeks to address the growing need for affordable housing by improving access to financial support for development projects in this sector. It proposes an initial transfer of $2 billion from the state’s general revenue to fund these efforts, with no immediate effect on state tax revenues.
Contention
Opponents of SJR75 may raise questions regarding the reliance on state revenue for funding what is ultimately a local housing issue. There are concerns about the long-term sustainability and effectiveness of such a fund, especially in terms of fulfilling the needs of diverse populations within the state. Additionally, the need for regulation and oversight of how the funds are utilized could become a focal point in legislative debates, potentially leading to discussions about balancing state intervention with local governance in housing matters. The proposed amendment also sets an expiration for the transfer date, which could lead to concerns regarding the urgency and approach towards long-term housing solutions.
Relating to the establishment of the workforce housing capital investment fund program to fund the development of workforce housing in this state; authorizing a fee.
Relating to the establishment of the workforce housing capital investment fund program to fund the development of workforce housing in this state; authorizing a fee.
Proposing a constitutional amendment creating the state school safety fund to provide ongoing financial support for projects that ensure the safety of public schools in this state and providing for the transfer of certain general revenues to that fund, the economic stabilization fund, and the state highway fund.
Proposing a constitutional amendment providing for the creation of and use of money in the Grow Texas fund and allocating certain general revenues to that fund, the economic stabilization fund, and the state highway fund.
Proposing a constitutional amendment providing for the dedication of certain sales and use tax revenue to a special fund established in the state treasury to pay for water infrastructure in this state.
Proposing a constitutional amendment providing for the creation of the technical institution infrastructure fund and the available workforce education fund to support the capital needs of career and technical education programs offered by the Texas State Technical College System, the Lamar Institute of Technology, Lamar State College-Orange, and Lamar State College-Port Arthur.