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Committee advances bill to create revolving loan fund for affordable homeownership
Summary
The House Housing Committee reported Proposed Substitute House Bill 1808 out of committee with a due-pass recommendation (13-4). Sponsors said the bill would let Commerce operate a revolving low-interest loan fund for affordable owner-occupied development; members expressed support with questions about interest and eligibility definitions.
The House Housing Committee voted to report Proposed Substitute House Bill 1808 out of committee with a due-pass recommendation; the clerk announced a 13-4 tally.
Sponsor Representative Zahn said the bill would allow the Department of Commerce to establish a revolving loan fund aimed at supporting affordable homeownership. "Affordable homeownership is very important, and this would allow us to have a revolving loan fund within commerce that allows affordable, owner ownership developers to be able to have low interest loans that then becomes self sustaining because as they pay back those loans, it becomes available for other affordable housing projects," Zahn said, urging members to vote yes.
Ranking Member Low said the committee agreed with the sponsor and supported the bill, but raised concerns about how interest terms would operate. "We do have some concerns ... about the interest and ... exactly how that all works out," Low said, while adding she planned to support the bill.
Representative Defoe asked the sponsor to consider tightening definitions and eligibility between committee action and floor debate. Defoe urged limiting a defined "for cause" threshold to 50 percent and suggested including for-profit developers under deed restrictions so they would remain subject to affordability requirements. "It would be helpful if the prime sponsor would be willing to work on those amendments between here and the floor," Defoe said. The sponsor replied that she looked forward to working with him on the requested amendments.
Clerk-announced vote: 13 ayes, 4 nays, 0 excused. By the committee vote, Proposed Substitute House Bill 1808 was reported out of committee with a due-pass recommendation.
The transcript excerpt does not include the bill text or the full amendment language; members' questions focused on interest-rate mechanics and eligibility definitions. The sponsor and ranking member indicated willingness to refine language before floor action.
