EXECUTIVE ORDER
ADMINISTRATION OF VOLUME CAP AUTHORIZED UNDER THE
HOUSING AND ECONOMIC RECOVERY ACT OF 2008
WHEREAS, Chapter 39.86 RCW specifies that the state's volume
cap will be divided among several categories of private
activity projects according to specific percentages; and
WHEREAS, the Federal Housing and Economic Recovery Act of 2008
(Act), which was passed by Congress and signed by the
President on July 30, 2008, allows a one-time, temporary
increase in the national bond volume cap. The increase became
available immediately upon the President signing the bill and
must either be allocated and used prior to the end of the 2008
calendar year; or, once allocated and not used, carried
forward prior to the end of the 2008 calendar year for use in
2009 or 2010. The new cap authorized under the Act is to be
used for Housing category projects only; and
WHEREAS, Chapter 39.86 RCW does not address cap allocation
awarded to the state at any other time than in the regular
annual allocation at the beginning of the calendar year nor
does it address the allocation of cap awarded by federal law
for a specific purpose; and
WHEREAS, Chapter 39.86.160 authorizes the Governor to establish
by executive order an alternative system to allocate state
volume cap if federal legislation is passed that affects the
state volume cap when the state Legislature is not in session,
taking into consideration the requirements of federal law, the
policy choices expressed in state law, and the projected needs
of issuers; and
WHEREAS, it is in the best interests of the residents of the
state of Washington to allocate and use the additional volume
cap awarded under the Act and designated for Housing prior to
the end of the 2008 calendar year; or, to allocate and
carry-forward the volume cap for use in future years prior to
the end of 2008.
NOW THEREFORE, I, Christine O. Gregoire, Governor of the state of
Washington, do hereby order as follows:
1. The Department of Community, Trade and Economic
Development shall allocate the additional cap authorized under
the Act to the Housing Finance Commission (Commission) and
other issuing authorities in accordance with the procedures
outlined in RCW 43.180.200(5) for the allocation of volume cap
for housing purposes with the following changes:
a. The February 1 date for awarding the preliminary allocations will be changed to October 1 only for the purposes of allocating the additional cap authorized by the Act.
b. The June 1 date for issuing authorities other than the Commission to confirm their intent to issue a bond by the December 15 issuance deadline will be changed to December 1 only for the purposes of allocating the additional cap authorized by the Act.
c. Any portion of the additional cap authorized by the Act that is unused in 2008 and eligible for carryforward under the Code shall be carried forward by the Commission. The Commission's initial 2009 allocation shall be modified by any carryforward of cap authorized under the Act as permitted under RCW 39.86.120(2) only to the extent necessary to ensure that a 20-percent portion of the additional cap authorized by the Act is made available for use by local housing authorities.
d. No allocations awarded to the Commission under this order shall limit the Commission's authority to assign a portion of its allocation to other issuing authorities as described in RCW 43.180.200 (5)(c).
2. The allocation of the additional cap authorized by the Act according to the provisions of this Executive Order shall be effective until (a) all the additional cap authorized by the Act has been allocated and used, or (b) this Executive Order is rescinded.
3. This Executive Order supersedes Executive Orders 86-06 and 86-07, which are hereby rescinded, and will take effect immediately.
Signed and sealed with the official seal of the state of
Washington on the 31st day of October, 2008, at Olympia,
Washington.
| By: | |||
| Christine O. Gregoire | |||
| Governor | |||
| BY THE GOVERNOR: | |||
| Sam Reed | |||
| Secretary of State | |||