S-4213.1  _______________________________________________

 

                         SENATE BILL 6729

          _______________________________________________

 

State of Washington      55th Legislature     1998 Regular Session

 

By Senators Prentice, Winsley, Finkbeiner, Fairley, Rasmussen and Kline

 

Read first time 01/30/98.  Referred to Committee on Financial Institutions, Insurance & Housing.

Financing senior housing.


    AN ACT Relating to financing needs for senior housing; creating new sections; providing an expiration date; and declaring an emergency.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

 

    NEW SECTION.  Sec. 1.  The legislature finds that the availability of safe and affordable housing is vital to low-income senior citizens and persons with disabilities.  The legislature further finds that the availability of low-cost financing is necessary for the development or preservation of housing for seniors and persons with disabilities.  The legislature further finds that many existing housing developments for seniors and persons with disabilities are in need of renovation.  The legislature further finds that there is a need to explore alternative financing techniques to cover the cost of development or renovation of housing for seniors and persons with disabilities.  It is the intent of the legislature to create the task force on financing housing for seniors and persons with disabilities to explore alternative financing techniques for the development and renovation of housing developments in Washington for low-income seniors and persons with disabilities.

 

    NEW SECTION.  Sec. 2.  (1) There is created the task force on financing senior housing and housing for persons with disabilities to consist of sixteen members.  The task force consists of the following members:

    (a) The director of the department of community, trade, and economic development or the director's designee, who serves as an ex officio member and as chair;

    (b) The executive director of the Washington state investment board or the director's designee, who serves as an ex officio member;

    (c) The executive director of the Washington state housing finance commission or the director's designee, who serves as an ex officio member;

    (d) The secretary of the department of social and health services or the secretary's designee, who serves as an ex officio member;

    (e) Four representatives from organizations involved in the management of senior housing developments, one of which must be from an organization involved in the ownership of senior housing developments;

    (f) Three representatives from financial institutions involved in financing senior housing developments, one of which must be from an investment and banking firm involved in financing federally insured senior housing developments;

    (g) One representative from a mobile home owners association that represents seniors;

    (h) One representative from a mobile home park owners association;

    (i) Two representatives from state-wide organizations that represent persons with disabilities; and

    (j) One representative from a public housing authority.

    (2) The director of the department of community, trade, and economic development shall appoint all nonex officio members to the task force on financing senior housing and housing for persons with disabilities.  The vice-chair of the task force is selected by majority vote of the task force members.  The members of the task force on financing senior housing and housing for persons with disabilities serve without compensation.

    (3) The department of community, trade, and economic development, the Washington state investment board, and the Washington state housing finance commission shall supply such information and assistance as is necessary for the task force on financing senior housing and housing for persons with disabilities to carry out its duties under section 3 of this act.

    (4) The department of community, trade, and economic development, the Washington state investment board, and the Washington state housing finance commission shall provide administrative and clerical assistance to the task force on financing senior housing and housing for persons with disabilities.

 

    NEW SECTION.  Sec. 3.  The task force on financing senior housing and housing for persons with disabilities shall by December 15, 1998, prepare and submit to the house of representatives committee on trade and economic development and the senate committee on financial institutions, insurance and housing a progress report on the findings and recommendations required under chapter 383, Laws of 1997.  The task force may also make additional recommendations on financial and regulatory techniques designed to assist in the construction of new facilities or renovation of existing housing facilities for seniors and persons with disabilities.

 

    NEW SECTION.  Sec. 4.  This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately.

 

    NEW SECTION.  Sec. 5.  This act expires February 1, 1999.

 


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