Bill > HB1808

This bill creates an affordable homeownership revolving loan fund program administered by the Washington State Department of Commerce to help nonprofit developers build permanently affordable housing for low-income households. The program will provide loans to eligible nonprofit organizations for constructing homes that remain affordable for at least 99 years through specific ground lease or deed restriction requirements. Key provisions include: loans will be limited to 50% of project costs with interest rates between 1-2.5%, recipients must begin construction within 180 days, adhere to sustainable development standards, and file annual compliance reports. A new account will be created in the state treasury to fund the program, with revenues coming from legislative appropriations and loan repayments. Loan repayments and interest will be tracked separately and reloaned to support additional affordable housing projects. The department can use up to 3% of the biennial appropriation for administrative costs, and no general fund money will be expended to implement the program. The bill defines "low-income households" as those earning 80% or less of the area median family income and establishes detailed criteria for loan awards, including project readiness, cost efficiency, and geographic distribution.

Budget and Finance, Housing and Urban Affairs

https://app.leg.wa.gov/billsummary?BillNumber=1808&Year=2025&Initiative=false