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Committee hears bill to update Washington State Housing Finance Commission’s authority
Summary
A Capital Budget Committee hearing on Substitute House Bill 2236 outlined statutory updates that would let the Washington State Housing Finance Commission make direct loans for multifamily gap financing, extend bond counsel terms, remove some notification and plan requirements, and clarify the commission is not a retail mortgage lender.
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.
Representative Janice Son, the bill…
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