H-1808.1 _______________________________________________
HOUSE BILL 2115
_______________________________________________
State of Washington 52nd Legislature 1991 Regular Session
By Representatives Nelson, Wineberry and Holland.
Read first time February 26, 1991. Referred to Committee on Housing.
AN ACT Relating to assistance to first-time homebuyers; adding a new section to chapter 35.21 RCW; adding a new section to chapter 36.32 RCW; and providing a contingent effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. A new section is added to chapter 35.21 RCW to read as follows:
(1) A city or town may assist moderate-income, first-time homebuyers in the purchase of their principal place of residence by providing loans, loan guarantees, down payment assistance, and closing costs.
The financial assistance authorized under this section shall be authorized by the legislative authority of the city or town. The funds may be used to finance all or a portion of the cost of the home or to guarantee loans made to first-time homebuyers.
(2) To receive assistance under this section the first-time homebuyer must meet all of the following requirements:
(a) The purchaser must be a first-time homebuyer;
(b) The purchaser must be a moderate-income household; and
(c) The purchase price of the residence shall not exceed ninety percent of the average price of single-family residences, as determined by the Washington state department of community development, in the statistical area in which the residence is located for the most recent twelve-month period for which statistical information is available.
(3) As used in this section:
(a) "First-time homebuyer" means an individual or his or her spouse who have not owned a residence during the three-year period prior to purchase of a home.
(b) "Moderate-income household" means a single person, family, or unrelated persons living together whose income does not exceed one hundred fifteen percent of the median family income for the area where the project is located, as determined by the Washington state department of community development with adjustment for household size.
(c) "Residence" means a single-family dwelling unit whether such unit be separate or part of a multi-unit dwelling, including the land on which such dwelling stands not to exceed one acre. The term also includes a share ownership in a cooperative housing association, cooperation, or partnership if the person claiming the exemption can establish that his or her share represents the specific unit or portion of such structure in which he or she resides.
NEW SECTION. Sec. 2. A new section is added to chapter 36.32 RCW to read as follows:
(1) A county may assist first-time homebuyers in the purchase of their residence by providing loans or guarantees, down payment assistance, and closing costs.
The financial assistance authorized under this section shall be authorized by the legislative authority of the county. The funds may be used to finance all or a portion of the cost of the home or to guarantee loans made to first-time homebuyers.
(2) To receive assistance under this section the first-time homebuyer must meet all of the following requirements:
(a) The purchaser must be a first-time homebuyer;
(b) The purchaser must be a moderate-income household; and
(c) The purchase price of the residence shall not exceed ninety percent of the average price of single-family residences, as determined by the Washington state department of community development, in the statistical area in which the residence is located for the most recent twelve-month period for which statistical information is available.
(3) As used in this section:
(a) "First-time homebuyer" means an individual or his or her spouse who have not owned a residence during the three-year period prior to purchase of a home.
(b) "Moderate-income household" means a single person, family, or unrelated persons living together whose income does not exceed one hundred fifteen percent of the median family income for the area where the project is located, as determined by the Washington state department of community development with adjustment for household size.
(c) "Residence" means a single-family dwelling unit whether such unit be separate or part of a multi-unit dwelling, including the land on which such dwelling stands not to exceed one acre. The term also includes a share ownership in a cooperative housing association, cooperation, or partnership if the person claiming the exemption can establish that his or her share represents the specific unit or portion of such structure in which he or she resides.
NEW SECTION. Sec. 3. This act shall take effect upon the effective date of an amendment to Article VIII of the state Constitution authorizing financial assistance to first-time homebuyers, if such amendment is validly submitted to and approved and ratified by the voters at the November 1991 general election. If the proposed amendment is not so approved and ratified, this act is null and void in its entirety.