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SUBSTITUTE
HOUSE BILL 2627
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AS RECOMMENDED BY THE
CONFERENCE COMMITTEE
Passed Legislature - 1994
Regular Session
State of Washington 53rd
Legislature 1994 Regular Session
By
Read first time 02/04/94.
Creating a
housing finance program.
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 low-income households as defined in RCW 43.185A.010;
(4) To the extent funds
are made available, provide either downpayment or closing costs assistance to
households eligible for assistance under chapter 43.185A RCW and this chapter;
and
(5) Provide
notification to active participants of the state retirement systems managed by
the department of retirement systems under chapter 41.50 RCW.
NEW SECTION. Sec.
3. A new section is added to
chapter 43.180 RCW to read as follows:
(1) The commission
shall submit to the legislature in its annual report a summary of 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.
Passed
the House March 9, 1994.
Passed
the Senate March 9, 1994.
Approved by the Governor April 1, 1994.
Filed in Office of
Secretary of State April 1, 1994.
