Board narrows 10% biennium cap so it applies only to construction grants

The board voted to advance a change to statute so the 10% biennium cap would apply only to construction grants and not to nonconstruction awards such as emergency or preconstruction grants. Member Rowe and finance-committee speakers said the fiscal impact would be modest—committee estimates suggested the change would raise the cap from 10% to about 13% of a hypothetical appropriation—but some members urged caution to protect revolving loan balances.

Member Petso said she would oppose the amendment, arguing the board does not know how much the fund could lose from reduced revolving activity and called preserving the fund's long-term health paramount. "I'm really keen not to damage the financial situation of the fund, particularly, on a long term basis," Petso said. Despite that opposition the motion moved, was seconded and passed.