H-1185.1 _______________________________________________
HOUSE BILL 1623
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State of Washington 52nd Legislature 1991 Regular Session
By Representatives Ogden, Mitchell, Nelson, Winsley, Franklin, H. Sommers, Jacobsen, R. Johnson, Leonard, Haugen, Phillips and Anderson.
Read first time February 4, 1991. Referred to Committee on Capital Facilities & Financing.
AN ACT Relating to the housing trust fund; and making an appropriation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. FOR THE DEPARTMENT OF COMMUNITY DEVELOPMENT.
(1) Capitalize housing trust fund (88‑5‑015)
$50,000,000 of the appropriation in this subsection is subject to the following conditions and limitations:
(a) $8,000,000 shall be used to establish a new affordable housing program in partnership with local governments, the private sector, nonprofit organizations, and the federal government. The program shall assist households at or below eighty percent of median income;
(b) $8,000,000 shall be invested in weatherization improvements for households at or below fifty percent of median income. State funds shall be used to leverage utility and/or federal government funds;
(c) $34,000,000 shall be used for the housing trust fund program. The following new requirements for the housing trust fund program shall be established: (i) The state shall receive a share of equity appreciation at the point of sale proportionate to the share of the state contribution to the project; and (ii) one-half of the assistance provided shall be in the form of loans;
(d) $50,000,000 of the appropriation in this subsection shall lapse if House Bill No. ..... or Senate Bill No. ..... (Z-0583/91 or Z-0721/91) is not enacted by June 30, 1991.
Reappropriation:
St Bldg Constr Acct........................... $ 10,000,000
Appropriation:
St Bldg Constr Acct........................... $ 65,000,000
Prior Biennia (Expenditures).................. $ 8,000,000
Future Biennia (Projected Costs).............. $ 100,000,000
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TOTAL................................... $ 183,000,000