| Passed by the Senate March 5, 2013 YEAS 48 ________________________________________ President of the Senate Passed by the House April 3, 2013 YEAS 59 ________________________________________ Speaker of the House of Representatives | I, Hunter G. Goodman, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 5558 as passed by the Senate and the House of Representatives on the dates hereon set forth. ________________________________________ Secretary | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 63rd Legislature | 2013 Regular Session |
Read first time 02/04/13. Referred to Committee on Financial Institutions, Housing & Insurance.
AN ACT Relating to down payment assistance for single-family homeownership; amending RCW 43.180.050; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 43.180.050 and 1986 c 264 s 1 are each amended to read
as follows:
(1) In addition to other powers and duties prescribed in this
chapter, and in furtherance of the purposes of this chapter to provide
decent, safe, sanitary, and affordable housing for eligible persons,
the commission is empowered to:
(a) Issue bonds in accordance with this chapter;
(b) Invest in, purchase, or make commitments to purchase or take
assignments from mortgage lenders of mortgages or mortgage loans;
(c) Make loans to or deposits with mortgage lenders for the purpose
of making mortgage loans; ((and))
(d) Make loans for down payment assistance to home buyers in
conjunction with other commission programs; and
(e) Participate fully in federal and other governmental programs
and to take such actions as are necessary and consistent with this
chapter to secure to itself and the people of the state the benefits of
those programs and to meet their requirements, including such actions
as the commission considers appropriate in order to have the interest
payments on its bonds and other obligations treated as tax exempt under
the code.
(2) The commission shall establish eligibility standards for
eligible persons, considering at least the following factors:
(a) Income;
(b) Family size;
(c) Cost, condition, and energy efficiency of available residential
housing;
(d) Availability of decent, safe, and sanitary housing;
(e) Age or infirmity; and
(f) Applicable federal, state, and local requirements.
The state auditor shall audit the books, records, and affairs of
the commission annually to determine, among other things, if the use of
bond proceeds complies with the general plan of housing finance
objectives including compliance with the objective for the use of
financing assistance for implementation of cost-effective energy
efficiency measures in dwellings.
NEW SECTION. Sec. 2 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.