Title 90, Title 90

The board may: (1) sue and be sued; (2) have a seal; (3) adopt all procedural and substantive rules necessary for the administration of this part, including rules concerning its mortgage, construction, and temporary lending programs; (4) make contracts, agreements, and other inst…

(1) All meetings of the board are open to the public. (2) All official acts of the board shall be in a regular or special meeting and by a majority of the board. (3) All rules adopted by the board shall be in accordance with the Montana Administrative Procedure Act.

(1) The board shall adopt rules respecting the regulation of borrowers, the admission of occupants in housing developments, the construction of ancillary facilities, and requirements or restrictions necessary to implement this part. (2) The board shall adopt rules for the: (a) or…

(1) There is a housing authority enterprise fund in the proprietary fund type as provided for in 17-2-102(2). All funds from the proceeds of bonds issued under this part, fees, and other money received by the board, money appropriated by the legislature for the use of the board i…

The board may: (1) make loans to lending institutions under terms and conditions adopted by the board requiring the proceeds to be used by the lending institution for the making of mortgage loans for housing developments in the state for persons and families of lower income; (2) …

(1) The board may finance housing developments under this part only when the board finds that: (a) there exists a shortage of decent, safe, and sanitary housing at rentals or prices which persons and families of lower income can afford within the general housing market area to be…

(1) The board may supervise housing sponsors of housing developments financed under this part as follows: (a) prescribe uniform systems of accounts and records for housing sponsors and require them to make reports and give answers to specific questions on forms and at times speci…

(1) The board may by resolution, from time to time, issue negotiable notes and bonds in a principal amount that the board determines necessary to provide sufficient funds for achieving any of its purposes, including the payment of interest on notes and bonds of the board, establi…

A resolution authorizing any notes or bonds, or any issue thereof, may contain provisions, which shall be a part of the contract or contracts with the holders thereof, as to: (1) pledging all or any part of the revenues or property of the board to secure the payment of the notes …

Any pledge made by the board shall be valid and binding from the time the pledge is made. The revenues, moneys, or property pledged and thereafter received by the board shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act. Th…

The board members and employees of the department are not personally liable or accountable by reason of the issuance of or on any bond or note issued by the board.

The board, subject to existing agreements with noteholders or bondholders, may, out of any funds available for that reason, purchase notes or bonds of the board, which shall thereupon be canceled, at a price not exceeding: (1) the current redemption price plus accrued interest to…

(1) In the discretion of the board, the bonds may be secured by a trust indenture between the board and a corporate trustee, which may be a trust company or bank having the power of a trust company within or without the state. A trust indenture may contain provisions for protecti…

Notes and bonds issued by the board are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration of notes and bonds.

In case any of the board members whose signatures appear on notes or bonds or coupons cease to be members before the delivery of the notes or bonds, their signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if the members had remained in office u…

(1) The board shall pay into the capital reserve account: (a) any funds appropriated and made available by the state for the purpose of the account; (b) any proceeds of sale of notes or bonds to the extent provided in the resolutions or indentures of the board authorizing their i…

(1) In order to ensure the maintenance of the capital reserve account, the presiding officer of the board shall on or before September 1 in the year preceding the convening of the legislature deliver to the governor a certificate stating the sum, if any, required to restore the c…

The board may provide for the issuance of refunding obligations for refunding any obligations then outstanding which have been issued under this part, including the payment of any redemption premium and any interest accrued or to accrue to the date of redemption of the obligation…

Refunding obligations issued as provided in 90-6-121 may be sold or exchanged for outstanding obligations issued under this part. The proceeds may be applied to the purchase, redemption, or payment of outstanding obligations. Pending the application of the proceeds of refunding o…

Obligations issued under the provisions of this part do not constitute a debt or liability or obligation or a pledge of the faith and credit of the state but are payable solely from the revenues or assets of the board. An obligation issued under this part shall contain on the fac…

(1) There shall be an audit of the board's books and records at least once each fiscal year. (2) The legislative auditor may conduct an audit at the request of the legislative audit committee.

Bonds, notes, or other obligations issued by the board under this part or by local housing authorities under Title 7, chapter 15, parts 21, 44, and 45, their transfer, and their income (including any profits made on their sale) are free from taxation by the state or any political…

In accordance with the constitutions of the United States and the state of Montana, the state pledges that it will not in any way impair the obligations of any agreement between the board and the holders of notes and bonds issued by the board, including but not limited to an agre…

(1) All of the aggregate amount of qualified mortgage bonds that may be issued during any calendar year in accordance with section 146 of the Internal Revenue Code, 26 U.S.C. 146, as amended, is allocated to the board of housing. (2) The board of housing may adopt standards for d…

(1) The legislature finds that escalating land costs, current economic conditions, federal housing policies, and declining resources at the federal, state, and local levels adversely affect the ability of low-income and moderate-income persons to obtain safe, decent, accessible, …

As used in 90-6-131 through 90-6-137, the following definitions apply: (1) "Board" means the board of housing created in 2-15-1814. (2) "Coal tax trust fund" means the trust fund created pursuant to Article IX, section 5, of the Montana constitution. (3) "Fund" means the housing …

(1) (a) There is a housing Montana fund in the housing authority enterprise fund provided for in 90-6-107. The money in the fund is allocated to the board for the purpose of providing loans to eligible applicants. (b) Money in the housing Montana fund must be disbursed as loans. …

(1) The money in the housing Montana fund must be used to provide financial assistance in the form of direct loans by the board to eligible applicants. (2) After the initial principal is loaned to eligible applicants, the amount of loans made in a fiscal year is contingent on the…

The board shall ensure that all housing assistance activities supported through the loan program are coordinated with other housing assistance programs administered by the board, the federal government, state agencies, tribal governments, local public housing authorities, and loc…

The board shall adopt rules to implement 90-6-131 through 90-6-137. The rules must address: (1) the development of eligibility criteria for applicants; (2) the development of an application process for requesting financial assistance; (3) the establishment of a procedure for disb…

(1) The board of housing shall administer $65 million or more of funds from the Montana housing trust provided for in 90-6-150 for the purpose of providing loans for the development and preservation of homes and apartments to assist eligible low-income and moderate-income applica…

(1) There is a coal board fund administered by the department of administration. Pursuant to 17-5-703, a percentage of coal severance taxes received by the state must be deposited in this fund. Earnings not transferred to the coal natural resource account as provided in subsectio…

Sections 90-6-141 through 90-6-149 may be cited as the "Montana Community Reinvestment Plan Act".

The legislature finds and declares the purpose of the Montana Community Reinvestment Plan Act is to begin to address housing needs and offer a regional, community-based solution to creating affordable, attainable workforce housing infrastructure in the state.

As used in 90-6-141 through 90-6-149, the following definitions apply: (1) "Attainable workforce housing" means housing of a cost that an eligible household would spend no more than 30% of gross monthly income for a mortgage payment, property taxes, and insurance. (2) "Community …

There is a Montana community reinvestment plan that enables regional community reinvestment organizations to reduce the cost of housing to an affordable range for Montana's workforce. The program creates a deed-restricted housing inventory that becomes attainable workforce housin…

(1) There is an account in the state special revenue fund established by 17-2-102 known as the Montana community reinvestment plan account. The purpose of the account is to fund the establishment of affordable, attainable workforce housing infrastructure in the state. (2) Money i…

(1) A community reinvestment organization meeting the requirements of 90-6-147 may be established no later than December 31, 2024. (2) There may be a maximum of 16 community reinvestment organizations in the state. (3) The geographic boundaries of each community reinvestment orga…

(1) A community reinvestment organization shall meet the requirements of this section. (2) A community reinvestment organization must be established as a federally recognized charitable organization under 26 U.S.C. 501(c)(3), (c)(4), or (c)(6). (3) (a) Each community reinvestment…

(1) A community reinvestment organization established in 90-6-146 that contains communities in the county that have a population of 15,000 or less and are located within a 30-mile radius of a state-owned facility that houses at least 100 state inmates or behavioral health patient…

Where state trust lands are in close proximity to cities, towns, or communities: (1) the department of natural resources and conservation shall undertake an evaluation of whether the lands could be made available for use as land for potential development of attainable workforce h…

(1) There is a Montana housing trust in the Montana growth and opportunity trust. (2) The Montana housing trust is comprised of three programs: (a) the housing Montana fund administered by the board of housing; (b) the Montana veterans' home loan mortgage program administered by …

The department and the board of housing are exempt from the provisions of Title 75, chapter 1, parts 1 and 2, when authorizing loans, administering a loan program, or creating a loan program related to the financing of housing pursuant to this part.

The purposes of this part are to assist local governmental units that have been required to expand the provision of public services as a consequence of large-scale development of coal mines and coal-using energy complexes or as a consequence of a major decline in coal mining or i…

There is within the state special revenue fund a coal area highway improvement account.

"Board" means the coal board provided for in 2-15-1821.