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Public hearing on HB 2968: state guarantee proposed to let cities defer system development charges to ease housing finance
Summary
House Bill 2968 would let cities defer systems development charges (SDCs) until after occupancy and create a state-managed guarantee and collection process to cover defaults; supporters said the change could make more housing projects financially feasible.
Representatives, municipal officials and housing advocates told the House Committee on Housing and Homelessness on March 12 that House Bill 2968 would reduce upfront development costs and improve financing feasibility by allowing local governments to defer systems development charges (SDCs) until after occupancy and by establishing a state guarantee and collection mechanism for unpaid charges.
Representative Mark Gamba, sponsor of HB 2968, told the committee the bill enables cities and developers to sign agreements to pay SDCs up to six months after receiving a certificate of occupancy, allowing developers time to lease units and move to lower permanent financing rates. "What this bill does is it allows the city and the developer to sign an agreement that says we will pay the system development charge 6 months after we receive our certificate of occupancy," Gamba said.
Under the proposal, once a city and developer sign…
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