Invest up to $50 million of state funds in bonds issued by a quasi-governmental entity, even if the bonds have below-market interest rates
Require that the proceeds from these bonds be used to create affordable for-sale housing that would not otherwise be developed without the state's investment
Reinvest money from the redemption of such bonds for the same purpose
Summary
The bill authorizes the state treasurer to invest up to $50 million
of state money in bonds that may have below-market interest rates that are issued by a quasi-governmental entity if the proceeds of the bonds are used for the creation of affordable for-sale housing that otherwise would not be created without the state's investment. Money from redemption of such bonds may be reinvested by the state treasurer for the same purpose.
