H-1537.1                  _______________________________________________

                                                      HOUSE BILL 1982

                              _______________________________________________

State of Washington                              53rd Legislature                             1993 Regular Session

By Representative Wang

Read first time 02/19/93.  Referred to Committee on Capital Budget.

Concerning financial guarantees to housing authorities.

          AN ACT Relating to affordable housing; amending RCW 35.83.050; and adding a new section to chapter 43.185A RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  RCW 35.83.050 and 1965 c 7 s 35.83.050 are each amended to read as follows:

          ((Any city, town, or county located in whole or in part within the area of operation of a housing authority)) A state public body shall have the power from time to time to lend or donate money to ((such)) a housing authority or to agree to take such action.  ((Such)) The housing authority, when it has money available therefor, shall make reimbursements for all such loans made to it.

NEW SECTION. Sec. 2.  A new section is added to chapter 43.185A RCW to read as follows:

          In addition to the other finance powers granted under this chapter, the department may provide financial guarantees to housing authorities in connection with obligations issued or entered into by those housing authorities to finance an authority-owned housing project under chapter 35.82 RCW.  The guarantees may be funded by money available to the department under chapter 43.185 RCW or this chapter, but in no event shall the amount of outstanding obligations so guaranteed exceed one hundred fifty million dollars at any time.

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