This proposal may have positive fiscal impact on small businesses that sell building material, if this proposal increases the purchase of building materials and supplies. The program would authorize no-interest loans for the construction of single family homes. Any non-profit organization may apply to the MHDC for funding. The MHDC would make the loans according to need. The Commission may require an expiration date of the loan, progress reports, and inspections of the construction sites.
Loans are to be put in a revolving fund to build homes one at a time, as they are sold.
Homes would be constructed on site only where water and sewer services are available. Every sales contract would contain an anti-speculation clause to deter buyers from reselling the home to make a profit. This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.