H-4359.1 _______________________________________________
HOUSE BILL 2846
_______________________________________________
State of Washington 55th Legislature 1998 Regular Session
By Representatives McDonald, Ballasiotes, Radcliff and O'Brien
Read first time 01/21/98. Referred to Committee on Financial Institutions & Insurance.
AN ACT Relating to home equity financing for seniors; adding a new section to chapter 43.330 RCW; creating a new section; and making an appropriation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. (1) The legislature finds that:
(a) Untapped home equity could provide a valuable source of funding to pay for needed home repairs, health care, and other services elderly homeowners require;
(b) High fees and complexities have discouraged elderly homeowners from using existing reverse mortgage programs that are currently available;
(c) By linking financial counseling services with reverse mortgage programs, costs and complexity could be significantly reduced; and
(d) Financial counseling, integrated with social and health services, would allow elderly homeowners to make informed and confident choices regarding this option.
(2) It is the purpose of this act to create a pilot program to leverage untapped home equity to pay for needed home, health, or social service care for persons who are elderly.
NEW SECTION. Sec. 2. A new section is added to chapter 43.330 RCW to read as follows:
(1) The department, in cooperation with the Washington state housing finance commission, shall solicit proposals from state-wide nonprofit organizations for the purpose of developing a pilot home equity program. The program shall be designed to leverage untapped home equity to help pay for needed home, health, or social service care for persons who are elderly.
(2) The department, in cooperation with the Washington state housing finance commission, shall develop criteria for the evaluation of proposals submitted under this section. In reviewing proposals under this section, an emphasis should be made on the ability of the state-wide nonprofit organizations to work with private lending institutions and social service agencies to develop and implement the proposal on a state-wide basis.
NEW SECTION. Sec. 3. The sum of three hundred thousand dollars, or as much thereof as may be necessary, is appropriated for the fiscal year ending June 30, 1999, from the general fund to the department of community, trade, and economic development for the purposes of this act.
--- END ---