H-3719.3 _______________________________________________
SUBSTITUTE HOUSE BILL 2627
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State of Washington 53rd Legislature 1994 Regular Session
By House Committee on Trade, Economic Development & Housing (originally sponsored by Representatives Quall, Ballard, Valle, Foreman, Shin, Sehlin, Campbell, Johanson, Veloria, Peery, Hansen, G. Cole, Lemmon, Brumsickle, Heavey, Finkbeiner, Dunshee, R. Johnson, Karahalios, Springer, Mastin, Jacobsen, Chappell, R. Meyers, Basich, Patterson, Linville, Grant, Fuhrman, Kremen, Dorn, Ogden, Caver, Scott, Moak, Kessler, Conway, Roland, King, Rayburn, Chandler and J. Kohl)
Read first time 02/04/94.
AN ACT Relating to housing finance; and adding new sections to chapter 43.180 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. A new section is added to chapter 43.180 RCW to read as follows:
The commission, in cooperation with the department of community, trade, and economic development, and the state investment board, shall develop and implement a housing finance program that:
(1) Provides subsidized or unsubsidized mortgage financing for single-family home ownership, including a single condominium unit, located in the state of Washington;
(2) Requests the state investment board to make investments, within its policies and investment guidelines, in mortgage-backed securities that are collateralized by loans made within the state of Washington; and
(3) Provides flexible loan underwriting guidelines, including but not limited to provisions that will allow reduced downpayment requirements for the purchaser.
NEW SECTION. Sec. 2. A new section is added to chapter 43.180 RCW to read as follows:
The housing finance program developed under section 1 of this act shall:
(1) Be limited to borrowers with incomes that do not exceed one hundred fifteen percent of the state or county median family income, whichever is higher, adjusted for family size;
(2) Be limited to first-time home buyers as defined in RCW 43.185A.010;
(3) Be targeted so that priority is given to active participants of the state retirement systems managed by the department of retirement systems under chapter 41.50 RCW;
(4) Be targeted so that priority is given to low-income households as defined in RCW 43.185A.010; and
(5) Provide either downpayment or closing costs assistance to households eligible for assistance under chapter 43.185A RCW and this chapter.
NEW SECTION. Sec. 3. A new section is added to chapter 43.180 RCW to read as follows:
(1) The commission shall, by February 1st of each year beginning on February 1, 1995, submit to the legislature an annual report on the progress of the housing finance program developed under section 1 of this act. The report shall include, but not be limited to the number of loans made and location of property financed under sections 1 and 2 of this act.
(2) The commission shall take such steps as are necessary to ensure that sections 1 and 2 of this act are implemented on the effective date of this act.
NEW SECTION. Sec. 4. If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected.
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