Committee hears bill to update Washington State Housing Finance Commission’s authority

The Capital Budget Committee opened a public hearing on Substitute House Bill 2236, a bill to modernize the Washington State Housing Finance Commission’s statute and expand its financing tools for affordable housing. Staff described a package of changes that would authorize the Commission to make mortgage loans directly to borrowers for multifamily (non-owner) housing projects, extend bond counsel terms from two to four years, remove a requirement to notify the state finance committee before issuing bonds, and repeal two statutory requirements including the dormant housing finance program and a mandated housing finance plan.