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Committee hears updates to Housing Finance Commission law aiming to speed multifamily financing
Summary
Lawmakers heard testimony on SHB 2236, which would modernize the Washington State Housing Finance Commission to allow direct lending for multifamily projects, clarify it is not a retail mortgage lender, extend bond-counsel terms, and repeal two statutory program requirements; staff said the commission’s fees, not the state general fund, pay its operating costs.
The Capital Budget Committee heard staff and sponsor briefings and public testimony Tuesday on Substitute House Bill 2236, which would update the statute governing the Washington State Housing Finance Commission to expand tools for financing affordable multifamily housing.
Staff told the committee the bill authorizes the commission to make mortgage loans directly to borrowers for multifamily housing without using a mortgage lender, while including a statement of intent that "the commission is not intended to function as a retail mortgage lender and is not authorized to compete with private financial institutions in originating mortgage loans to individual home buyers." Staff also said the bill would extend bond‑counsel terms from two years to four and repeal two statutory requirements tied to a dormant housing…
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