2627-S AMC CONF S5940.1

SHB 2627 - CONF REPT

By Conference Committee

                                                    ADOPTED 3/9/94

    Strike everything after the enacting clause and insert the following:

    "NEW SECTION. Sec. 1.  A new section is added to chapter 43.180 RCW to read as follows:

    The commission, in cooperation with the department of community, trade, and economic development, and the state investment board, shall develop and implement a housing finance program that:

    (1) Provides subsidized or unsubsidized mortgage financing for single-family home ownership, including a single condominium unit, located in the state of Washington;

    (2) Requests the state investment board to make investments, within its policies and investment guidelines, in mortgage-backed securities that are collateralized by loans made within the state of Washington; and

    (3) Provides flexible loan underwriting guidelines, including but not limited to provisions that will allow reduced downpayment requirements for the purchaser.

NEW SECTION. Sec. 2.  A new section is added to chapter 43.180 RCW to read as follows:

    The housing finance program developed under section 1 of this act shall:

    (1) Be limited to borrowers with incomes that do not exceed one hundred fifteen percent of the state or county median family income, whichever is higher, adjusted for family size;

    (2) Be limited to first-time home buyers as defined in RCW 43.185A.010;

    (3) Be targeted so that priority is given to low-income households as defined in RCW 43.185A.010;

    (4) To the extent funds are made available, provide either downpayment or closing costs assistance to households eligible for assistance under chapter 43.185A RCW and this chapter; and

    (5) Provide notification to active participants of the state retirement systems managed by the department of retirement systems under chapter 41.50 RCW.

NEW SECTION. Sec. 3.  A new section is added to chapter 43.180 RCW to read as follows:

    (1) The commission shall submit to the legislature in its annual report a summary of the progress of the housing finance program developed under section 1 of this act.  The report shall include, but not be limited to the number of loans made and location of property financed under sections 1 and 2 of this act.

    (2) The commission shall take such steps as are necessary to ensure that sections 1 and 2 of this act are implemented on the effective date of this act.

NEW SECTION. Sec. 4.  If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected."

SHB 2627 - CONF REPT

By Conference Committee

                                                    ADOPTED 3/9/94

    On page 1, line 1 of the title, after "finance;" strike the remainder of the title and insert "and adding new sections to chapter 43.180 RCW."

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