HB159: HB159 Georgia Housing and Finance Authority; increase outstanding bond limit

The Georgia Housing and Finance Authority helps finance single-family housing, along with certain business enterprises and health care services, by issuing bonds and notes. Current Georgia law (O.C.G.A. § 50-26-10) caps how much of that debt the authority can have outstanding at any one time for its single-family residential housing program at $3 billion, not counting bonds issued to refinance existing debt. This bill raises that cap to $6 billion. It leaves in place the separate, unchanged limits on bonds for other enterprise financing ($140 million) and health care services financing ($30 million), and it does not touch the exemption from state usury and interest rate laws that already applies to the authority's bonds. The law would take effect as soon as the Governor signs it or it otherwise becomes law without his signature.

• Raises the cap on outstanding bonds and notes for the authority's single-family residential housing program from $3 billion to $6 billion.
• Keeps unchanged the separate $140 million limit on bonds for other enterprise financing (excluding health facilities and housing).
• Keeps unchanged the separate $30 million limit on bonds for financing health care services.
• Leaves in place the existing exemption of the authority's bonds from state interest rate and usury law limits.
• Sets the effective date as the date the Governor signs the bill or it otherwise becomes law without his signature.

The Georgia Housing and Finance Authority, which issues the bonds; bond investors and underwriters who buy or handle the authority's debt; and, indirectly, Georgians seeking single-family home financing through authority-backed programs, since a higher bond cap allows more housing program funding capacity.

By doubling the borrowing ceiling for its single-family housing program, the authority could issue significantly more bonds to fund home financing programs without hitting the current $3 billion limit, potentially supporting more housing assistance activity across Georgia going forward.

• Section 1 amends O.C.G.A. § 50-26-10(i)(1) to raise the outstanding bond and note limit for the single-family residential housing program from $3 billion to $6 billion, excluding refunding bonds.
• Section 1 leaves subsections (i)(2) through (i)(4) unchanged, preserving the $140 million enterprise financing cap, the $30 million health care services cap, and the exemption from state interest rate limits.
• Section 2 sets the effective date as the date of the Governor's approval or the date the bill otherwise becomes law without approval.
• Section 3 repeals any conflicting laws.

1. 2025-05-13Effective Date 2025-05-13
2. 2025-05-13Act 173
3. 2025-05-13House Date Signed by Governor (House)
4. 2025-04-07House Sent to Governor (House)
5. 2025-03-21Senate Passed/Adopted (Senate)
6. 2025-03-21Senate Third Read (Senate)
7. 2025-03-18Senate Read Second Time (Senate)
8. 2025-03-13Senate Committee Favorably Reported (Senate)

• Clint Crowe (R, HD-118)Primary sponsor
• Matt Reeves (R, HD-099)
• Beth Camp (R, HD-135)
• Kimberly New (R, HD-040)
• Drew Echols (R, SD-049)

1. PassedHouse voteMarch 6, 2025

   162 yea, 10 nay (4 not voting, 4 absent)

   Passage: House Vote #198

2. PassedSenate voteMarch 21, 2025

   49 yea, 6 nay (0 not voting, 1 absent)

   Passage: Senate Vote #268

• housing finance
• state bonds
• Georgia Housing and Finance Authority
• home financing programs