HB 1180: Georgia Housing and Finance Authority; eliminate outstanding bond limit

Current Georgia law limits how much debt the Georgia Housing and Finance Authority can have outstanding at once: $6 billion for single-family residential housing bonds, $140 million for financing other enterprises (with a cutoff after June 30, 1995), and $30 million for health care services financing. This bill removes all three of those dollar limits from Georgia's code (O.C.G.A. § 50-26-10). In place of the limits, the bill adds a new requirement that every bond the authority issues must print a statement on its face saying the bond does not count as debt of the State of Georgia or a pledge of the state's full faith and credit. The bill keeps the existing rule that state usury and interest rate laws do not apply to the authority's bonds. It would take effect immediately if signed by the Governor, or automatically become law without a signature.

• Removes the $6 billion cap on outstanding bonds and notes for the authority's single-family residential housing program.
• Removes the $140 million cap and the June 30, 1995 issuance cutoff for bonds financing other enterprises besides housing and health facilities.
• Removes the $30 million cap on outstanding bonds and notes for financing health care services.
• Adds a requirement that every bond issued by the authority state on its face that it is not a debt of the State or a pledge of the state's credit.
• Keeps the existing exemption of the authority's bonds from Georgia's usury laws and other interest rate limits.

The Georgia Housing and Finance Authority, which issues bonds to fund housing and health facility projects; bond investors and underwriters who buy the authority's debt; and Georgia taxpayers, since the bill clarifies the bonds are not backed by state credit even as the borrowing limits disappear.

Without the current dollar caps, the authority could issue significantly more debt for housing and other financing than current law allows. The required disclosure statement makes clear that bondholders, not the state, bear the risk if the authority cannot repay.

• Section 1 strikes paragraphs (1) through (3) of O.C.G.A. § 50-26-10(i), eliminating the $6 billion single-family housing bond cap, the $140 million other-enterprise cap, and the $30 million health care financing cap.
• Section 1 adds new language requiring all bonds issued by the authority to state they do not constitute a debt of the State or a pledge of the state's faith and credit.
• Section 1 retains the existing rule that state usury laws and interest rate limits do not apply to the authority's bonds.
• Section 2 makes the Act effective immediately upon the Governor's approval or upon becoming law without approval.
• Section 3 repeals any conflicting laws.

1. 2026-02-19House Withdrawn, Recommitted (House)
2. 2026-02-12House Committee Favorably Reported (House)
3. 2026-02-05House Second Readers (House)
4. 2026-02-04House First Readers (House)
5. 2026-02-03House Hopper (House)

• Clint Crowe (R, HD-118)Primary sponsor
• Beth Camp (R, HD-135)
• Matt Reeves (R, HD-099)
• Dale Washburn (R, HD-144)
• Miriam Paris (D, HD-142)

• housing finance
• state bonds
• Georgia Housing and Finance Authority
• public debt limits