State of Washington
66th Legislature
2019 Regular Session
ByRepresentatives Gildon, Walsh, Barkis, Vick, Stokesbary, Reeves, and Chambers
Read first time 02/11/19.Referred to Committee on Housing, Community Development & Veterans.
AN ACT Relating to accountability in affordable housing policy and investments; and amending RCW 43.180.050.
Sec. 1. RCW 43.180.050 and 2013 c 13 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;
(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.
(3)(a) 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.
(b)(i) The audit must also examine the performance of the commission in meeting its housing finance objectives for the state in the most cost-effective and efficient manner. The commission must provide to the state an annual report, including the following information:
(A) The total unit production and development cost of each project funded or partially funded by the commission in the current biennium;
(B) A brief summary of all funding sources used in each project approved by the commission;
(C) The geographic distribution of funding approved by the commission; and
(D) Annual operating per unit cost of each project the commission funded or partially funded in the previous biennium.
(ii) The state auditor must analyze the report as well as any additional information relevant for consideration. The analysis must include a comparison of costs associated with the development of projects funded or partially funded by the commission with the costs of developing similar market rate housing.
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