H-2591

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

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. The legislature further finds that the availability of low-cost financing is necessary for the development or preservation of housing for seniors. The legislature further finds that many existing housing developments for seniors 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. It is the intent of the legislature to create the task force on financing senior housing to explore alternative financing techniques for the development and renovation of low-income senior housing developments in Washington.

NEW SECTION. Sec. 2. (1) There is created the task force on financing senior housing to consist of twelve 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) 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;

(e) 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;

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

(g) 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. 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 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 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.

NEW SECTION. Sec. 3. The task force on financing senior housing shall:

(1) Review financing needs for low-income senior housing in the state of Washington;

(2) Review existing federal and state programs and incentives designed to assist in the construction of new facilities or renovation of existing housing facilities for seniors;

(3) Review programs and techniques designed to assist in the construction of new facilities or renovation of existing housing facilities for seniors in other states and countries;

(4) Make recommendations on possible financing techniques that could be developed at the state level to assist in meeting financing needs for construction of new facilities or renovation of existing housing facilities for seniors;

(5) By December 15, 1997, 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 report detailing its findings and recommendations regarding financing techniques designed to assist in the construction of new facilities or renovation of existing housing facilities for seniors.

NEW SECTION. Sec. 4. This act expires February 1, 1998.