SENATE BILL REPORT

SB 5245

BYSenator Lee

Providing funds for the housing trust fund.

Senate Committee on Economic Development & Labor

Senate Hearing Date(s):January 19, 1989

Senate Staff:Charles A. Woods (786-7452)

AS OF JANUARY 18, 1989

BACKGROUND:

The Washington housing trust fund is a special fund maintained in the office of the Treasurer and administered by the Department of Community Development.  Grants and loans are made from the fund on a competitive basis to local government entities and nonprofit organizations for housing assistance programs.  Projects must target households at or below 50 percent of the median income.  Part of the policy rationale for the housing trust fund is to establish a reserve of funds from automatically renewable sources outside the general budget process.  So far, the major source of funds has been through operating budget and capital budget appropriation.

Currently the driver's license fee is $14, with $10.20 directed to the highway safety fund and $3.80 to the general fund.

SUMMARY:

The driver's license fee is increased from $14 to $15, with the additional dollar being directed to the housing trust fund.

Appropriation:    none

Revenue:    yes

Fiscal Note:      requested January 18, 1989