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Committee hears 'Homes for Heroes' pilot to offer down‑payment assistance for targeted public‑service workers
Summary
House Bill 1022 would create a two‑year Homes for Heroes pilot, administered by the Department of Commerce through the Washington State Housing Finance Commission, offering no‑interest down‑payment and closing‑cost loans up to 5% of a first mortgage or $25,000 to eligible workers.
The Washington House Housing Committee took testimony on House Bill 1022, a proposed Homes for Heroes pilot that would direct the Department of Commerce to contract with the Washington State Housing Finance Commission to provide down‑payment and closing‑cost assistance to certain public‑service workers.
Committee staff reported the bill is similar to a 2023 proposal and would make no‑interest loans available to eligible buyers whose household income is below 100% of the state median. Loans may not exceed 5% of a first mortgage or $25,000, whichever is less, and are not repayable until the primary mortgage is paid in full or the property is sold, refinanced, rented…
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